Crypto and Macro Weekly Recap
Last week, cryptocurrencies faced downward pressure as the U.S. Securities and Exchange Commission (SEC) launched a lawsuit against crypto service providers, exchanges, and platforms including Binance and Coinbase. It also labeled many assets as securities rather than commodities, which prompted Robinhood to delist SOL, ADA, and MATIC.
Crypto.com decided to suspend its institutional investment services in the U.S. All of these events triggered a wave of selling in the spot markets. Regulatory uncertainty also led to the liquidation of long positions worth over $340 million in the crypto derivatives market, with small traders and investors exiting their positions. In contrast, the US and EU Equity markets closed with no significant change.
Performance for week 23
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The Digital Asset market sentiment (Crypto Fear & Greed Index) went up by 1 point to 53/100, indicating Neutral, compared to a week ago. The Total Cryptocurrency Market Cap gained around 1.7% compared to a week ago and stays at around 1,145 billion. Ethereum (ETH)’s Dominance increased to 19.9% while Bitcoin (BTC)’s Dominance slightly dropped to 45.9%.
WHAT TO WATCH FOR: The next monetary policy meeting for the FED: June 13-14th, 2023 and for the ECB: June 15th, 2023; US headline and core CPI figures for May 2023 will be released June 13th, 2023, at 08:30 AM ET.
Weekly Performance of Top Cryptocurrencies
Ethereum price of $1,738.26 is down -1.02% in the last 24 hours and down -8.03% in the last 7 days.
Ethereum (ETH) Technical Analysis. See Technical Analyses for 60 cryptocurrencies.
Trade setup: After reaching $2,150 on a sharp run up, price was overbought with RSI > 70, traders began to take profits and price was consolidating in a Descending Triangle pattern. Yet it remains in an Uptrend. Pulled back near $1,700 could be a swing entry opportunity.
Source: altfins.com
Top projects with the highest Protocol revenue are: Ethereum, DYDX, Lido DAO, Filcoin.
Protocol Revenue (PR) is share of fees that goes only to the protocol’s treasury or directly to its tokenholders through burn mechanism, which is similar to a stock buyback because it decreases the amount of tokens in circulation.
Market Cap / Total Value Locked (TVL)
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- Is Ron DeSantis good for crypto? Republican makes Bitcoin part of campaign. Read more.
- Real-World Asset protocols outperform DeFi blue-chips due to tokenization wave. Read more.
- altFINS launched DEX aggregator. Explore all powerful features.
- Binance Removes 10 BNB Trading Pairs. Read more.
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