Hotter-than-expected inflation data in the US threw a bucket of cold water on crypto this morning, resulting in around 6.5% being slashed from the markets.
Global capitalisation fell below the US$1tn mark once again, triggered mainly by Bitcoin’s painful 9.5% drop to $US20,300. Perhaps surprisingly given its recent average performance, Ethereum fared slightly better with a 6.2% dip to the low US$1,600’s.
In the altcoin space, Solana bore the brunt of the bears with a 13% dip, closely followed by Avalanche, which lost around 10.5%.
The other large-cap network tokens all fell closer to the 5% mark.
Having just been delisted by major digital asset exchange Huobi, the multi-billion-dollar privacy coin Monero suffered a 9.5% hit to its market capitalisation. However, Monero’s primary competitor ZCash, which also copped a delisting, suffered a less damaging 4%.
It is worth noting that the markets are still up against the week, at least for now.
Ravencoin (RVN) was one of the day’s few risers, having added 8% to its now US$703mln market cap. The proof-of-work (PoW) blockchain network is receiving goodwill from traders in the lead up to the Ethereum Merge, with some looking to it as a potential alternative after Ethereum ditches mining.
Total value locked across the decentralised finance (DeFi) markets dropped 4.5%, thus heading below US$56bn.
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