Mooners and Shakers: Crypto markets slump (slightly) as US inflation hits 40-year highs - Stockhead

Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.

Synthetic

CPI inflation data comes in, fresh 40 year highs, US dollar up, Bitcoin and crypto markets down slightly. This episode is sure to be played over and over again. Have these high inflation figures been largely “appreciated”?

Possible. In general crypto is dipped in the news, but at the time of writing this is nothing more than scraps of paper.

The US Consumer Price Index (CPI) inflation figures are due at 8:30 a.m. EST on Wednesday. And at 9.1% compared to the 8.8% expected by most, this is the biggest year-on-year increase since 1981. Good times.

At least US financial analyst Jim “As Seen on TV” Cramer calls the inflation peak pretty much here. While it doesn’t inspire much belief according to some/many…

Actually… said Cramer, let’s see if the Fed sticks to the guns of a 0.75bp rate hike on July 26-27…

top 10 overview

With an overall crypto market cap of US$909 billion and down another 1.8% since yesterday, this is the current state of the game among the top 10 tokens – according to CoinGecko.

So, given today’s (sort of) macroeconomic bombshell, things could be a lot worse for Bitcoin, Ethereum, and other cryptocurrencies than they really are right now. Maybe it will be a different story by the time this is read.

At the time of issue, BTC’s daily low is pretty much $19k – which comes shortly after the CPI news. It’s bounced back quite a bit since then and at least one crypto analyst of some note is still calling for a relief rally…

Cool, but what do the bears say?

Meanwhile, those who have been waiting to buy another triple-digit ETH, join the queue. Melbourne-based Ethereum educator and investor Anthony Sassano seems interested in…

ETH fans are still looking for the no.1 smart contract platform Merge events – transition from Ethereum proof of work consensus model to proof of stake. It’s coming to theaters near you soon (well, the latest estimates seem to be around September).

Top and bottom: 11–100

Sweeping a market cap range of around US$7.12 billion to around US$371 million in the remaining top 100, let’s take a look at some of the biggest 24-hour winners and losers as of press time. (Stats are accurate at the time of issue, based on CoinGecko.com data.)

PUMP DAILY

• Lido DAO (LDO), (market cap: US$374 million) +23%

• DAO curve (CRV), (mc: US$373 million) +6%

• weave (AR), (mc: US$578 million) +5%

• Serum (SRM), (mc: US$388 million) +5%

• Aave (AAVE), (mc: US$1 billion) +5%

SLUMPERS EVERY DAY

• ECOMI (OMI), (market cap: US$396 million) -9%

• evmos (EVMOS), (mc: US$430 million) -7%

• Loopring (LRC), (mc: US$450 million) -7%

• Synthetic Network (SNX), (mc: US$532 million) -6%

• Chain (XCN), (mc: US$2 billion) -6%

Around the block

The choice of randomness that sticks with us in our daily journey through the Crypto Twitterverse…

You may be interested


#Mooners #Shakers #Crypto #markets #slump #slightly #inflation #hits #40year #highs #Stockhead

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