The cryptocurrency markets faced a significant downturn ahead of the release of the Consumer Price Index (CPI) data, impacting major meme coins and causing a sell-off in the market. Data from Coinglass indicated that over 100,000 traders were liquidated in the past 24 hours, totaling a staggering $270.1 million in liquidations, while Bitcoin's open interest remained at $36 billion, showing sustained activity since April 12.
Insights from IntoTheBlock revealed a notable 66.6% increase in large transaction volume and a 9.6% rise in daily active addresses within the cryptocurrency space. Transactions exceeding $100,000 also saw a notable uptick from 5,027 transactions on June 9 to 7,782 transactions on June 10, indicating heightened trading activity. Additionally, total exchange inflows and outflows surged, portraying increased movement in the market.
Notable figures in the cryptocurrency world shared their perspectives on the current market situation and future predictions. Crypto analyst Ali Martinez highlighted historical struggles for Bitcoin in Q3, citing average and median returns, while prominent figures like Anthony Scaramucci expressed optimism, suggesting a potential $700K valuation and a comparison with gold's market value in the next 15 years. Furthermore, discussions around Tether's investment plans in AI, biotech, and financial infrastructure, as well as predictions for Ethereum and altcoin rebounds post-FOMC meeting, added depth to the evolving narrative in the cryptocurrency space amidst market uncertainties.