Severe volatility anticipated
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 12th June 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Prepping For A Potentially ‘Frantic’ Session
Crypto took a tumble on Tuesday with risk traders anxious about today's double dose of macroeconomic inputs, including the U.S. government's release of May's consumer price index (CPI) numbers and a Federal Reserve decision on the direction of interest rates.
Tension keeps building. Although "risk off" could become a throwback phrase by afternoon's end.
Here's a quick primer on what to expect out of the Fed's June policy meeting: a snowball in hell has better odds of staying intact relative to the likelihood of a rate cut.
However, there is likely to be some forward-looking, market-moving guidance contained in Fed Chair Jerome Powell's remarks (maybe a rate cut in September?) to be delivered around 2:30 p.m. (EST).
"The stage is set for a frantic macro Wednesday," K33 analysts said (CoinDesk).
What's down
Crypto Nervously Retreats
At its low ebb yesterday, spot Bitcoin touched close to $66,000 with the wider crypto sector dropping by 6% in a pullback seemingly connected with the particularly dense fog shrouding inflation and rates. The greenback as of 7:46 a.m. (EST) was trading sideways, suggesting no one knows anything.
Bitcoin could be in store for a turbulent but ultimately terrific Wednesday should worst-case scenario planners confront half-full glasses of emulsified-dove juice. The largest crypto indeed tends to respond keenly to key economic data, and dance in step with stocks in an era of starkly emphatic risk-on/off switch-flipping, and especially on days like these.
"The market always prices in overly bearish statements, then reverses," crypto analyst Gumshoe said in an X post.
What's next
Really, Memes Could Care Less About Macro
Crypto markets are stuck in a holding pattern which is probably about to break any moment now.
In the meantime, we've been catch up on memecoins.
Ethereum-run Pepe fittingly shaded bright green over the past 24 hours. So did that blue frog, Brett, which is based on Base. Also notching a positive return right now is Bonk, Solana's pet project. And there's a Solana-run memecoin based on a misspelling of President Joe Biden, Jeo Boden, which spiked momentarily yesterday. The move came after Biden's son, Hunter, was found guilty in a federal gun-purchase-related case.
Solana rival Cardano had a memecoin surging on its network about three weeks ago. We're talking about snake-based Snek. Its market capitalization at one point slithered close to $100 million, or about 200 million ADA.
Back in March, the Avalanche Foundation declared support for a slew of its memecoins, or what the layer-1 chain calls "community coins," including chicken-themed Coq Inu and dog-themed Kimbo. Yeah, these two pretty much came and went.
The largest memecoin on the Bitcoin blockchain was created back in April on the day of the rewards halving, and birthed via the Runes protocol. It’s named DOG•GO•TO•THE•MOON. As of last week, the coin, also known as DOG, had a market cap approaching $1B.
Did we mention the coin connected with Iggy Azalea? You remember her – Aussie model/rapper, had that song, ten years ago (I'm so fancy/you already know/I'm in the fast lane/from L.A. to Tokyo), we recall the video featured another female singer … uh, okay, forget all that.
CPI numbers just hit.
Inflation did not go up in May. The CPI was unchanged. Economists had expected a slight increase. Stock futures just jumped.
