Zinger Key Points
- Global crypto market capitalization is down 4.2% to $2.4 trillion, while open interest remains high.
- One trader noted that the FOMC meetings have mostly been bullish for Bitcoin while another sees the pullback as a distraction.
- Get access to your new suite of high-powered trading tools, including real-time stock ratings, insider trades, and government trading signals.
Cryptocurrency markets have sold off prior to the CPI data release on Wednesday, with major meme coins being hit particularly hard.
Prices as of 3.30 p.m. ET:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $67,357.84 | -3% |
| Ethereum ETH/USD | $3,494.13 | -4.7% |
| Solana SOL/USD | $149.26 | -6.9% |
| Dogecoin DOGE/USD | $0.1379 | -4.5% |
| Shiba Inu SHIB/USD | $0.00002173 | -5.4% |
Notable Statistics:
- Coinglass data shows 104,055 traders liquidated in the past 24 hours, with total liquidations at $270.1 million. Bitcoin's open interest at $36 billion has continued to remain high since April 12.
- IntoTheBlock data reports a 66.6% surge in large transaction volume, alongside a 9.6% increase in daily active addresses. Transactions greater than $100,000 increased from 5,027 transactions on June 9 to 7,782 transactions on June 10. Total exchange inflows and outflows also increased.
- Crypto analyst Ali Martinez noted that historically Bitcoin has struggled in Q3, with an average return of 6.49% and a median return of -2.57%.
Notable Developments:
- Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Moving: What’s Going On?
- Anthony Scaramucci Says Bitcoin Can Hit $700K, Predicting Match To Gold — ‘Could Bitcoin 10x In The Next 15 Years? I Believe It’
- Tether Plans To Invest More Than $1B In AI, Biotech, Financial Infrastructure
- Ethereum And Altcoins May ‘Quickly Rebound’ After FOMC Meeting, Trader Predicts
- Donald Trump Opens 21-Point Lead In 2024 Presidential Race, According To Crypto Bettors
Top Losers:
| Cryptocurrency | Price | Gains +/– |
| Notcoin NOT/USD | $0.0159 | -12.3% |
| Uniswap UNI/USD | $9.03 | -12.2% |
| Arweave AR/USD | $33.32 | -10% |
Trader Notes: El Crypto Prof sees Bitcoin forming a bullish inverse head & shoulders pattern ahead of the FOMC Meeting, pointing out that previous meetings have been bullish for Bitcoin.
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