Top 100 Crypto: The recent official inflation rate for June hit 9.1%, causing a ripple effect across the entire cryptocurrency market. Currently, every top-100 crypto is facing losses. Here’s a rundown of some major movements:
- Bitcoin has dipped by 1.65% and is now trading at $20,013.
- Ethereum also experienced a downturn, sliding down 5.53% to $1,087.
- USDT Tether saw a slight positive change of 0.01%.
- USDC stablecoins maintained their peg at $1 with a 0.04% positive change.
- BNB token fell by 4.64%.
- Solana witnessed a significant drop of 8.54%.
- XRP Ripple saw a decrease of 3.63%.
- ADA token, on the other hand, rose by 2.76%.
- Dogecoin showed a modest uptrend of 0.98%.
The overall global cryptocurrency market cap has plummeted to $889 billion levels, a stark contrast to its all-time high of $3 trillion seven months ago.
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Additionally, the Bitcoin ‘Fear and Greed’ Index reflects extreme fear, settling at 11. In other developments, Polygon has launched Avail, a scaling system for blockchain applications, while Binance has donated $1 million $BUSD to support scholarships for Ukrainian technology students. However, amidst these developments, concerns about security persist, as blockchain forensics company ‘Elliptic Enterprises’ claims North Korean hackers are behind a recent $100 million crypto heist.
In light of the market’s volatility and rapid growth, Bank of Canada Senior Deputy Governor Carolyn Rogers emphasized the necessity for crypto regulation to keep pace with market expansion, particularly as crypto assets become more integrated into the financial system.
The recent inflation data, which surpassed expectations, has further exacerbated the downturn in the cryptocurrency market. With inflation hitting a 40-year high, the Federal Reserve may need to maintain its aggressive monetary policies. This includes recent interest rate hikes and potential further increases to combat inflation and prevent economic downturns.
The increased trading volume on crypto exchanges suggests a mix of investors exiting the market and others buying digital currencies at lower prices. However, for everyday consumers, these macroeconomic conditions offer little relief, as they grapple with rising costs across various sectors like food, rent, and fuel.
