Share this article
Bitcoin, Ether Little Changed Over Weekend After $400M Liquidation Rout
The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.
Updated Jun 10, 2024, 8:21 p.m. Published Jun 10, 2024, 8:12 a.m.
Make us preferred on Google
- Analysts expect increased market volatility in the upcoming week due to key macroeconomic events such as the CPI release and a speech by Janet Yellen.
- The crypto market experienced a downturn following the release of stonger-than-expected U.S. jobs data, with meme stocks like GameStop also seeing declines, impacting riskier assets like alternative tokens and meme coins.
Bitcoin and ether were little changed over the weekend as open interest and trading volumes slumped after a $400 million leverage flush out on Friday, dampening market momentum.
However, analysts at Presto Research said in a market brief to CoinDesk that they expect market volatility to return in the week ahead with macroeconomic catalysts such as the CPI release on Wednesday, the FOMC meeting on Thursday, and Janet Yellen's speech on Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Record leverage build-up on bitcoin futures cost bulls as the market plunged on Friday following the release of non-farm payrolls (NFP) figures. The NFP number came in stronger than expected, with the US economy adding 275,000 jobs compared to the expected 185,000. BTC saw a sharp decline following the release, falling from $71,000 to $69,000.
Elsewhere, a slide in meme stock GameStop (GME) appeared to weigh in on riskier assets such as alternative tokens and meme coins, with major memes and shiba inu losing as much as 10%.
Since Friday, open interest, or the number of unsettled futures contracts across various tokens, slid from $99 billion to $60 billion, indicating traders significantly pared bets. Volumes fell 10% in the past 24 hours, Coinglass data shows.
BTC traded just over $69,400 in early European hours on Monday, while ETH traded around $3,660. Solana and xrp showed slight losses. BNB Chain’s BNB tokens lost 5.5% as traders likely took profits following a rise to a lifetime peak of over $710 last week.
Cardano’s was slightly up on Monday following confirmation of a technical event that could affect the fundamentals of the network and its token.
Meer voor jou
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
Wat u moet weten:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
Больше для вас
Meta and Microsoft continue going big on AI Spending. Here's how bitcoin miners could benefit
In its fourth quarter earnings report, Meta said capital spending plans for 2026 should be in the range of $115-$135 billion, well ahead of consensus forecasts.
Что нужно знать:
- Fourth-quarter earnings results from Microsoft (MSFT) and Meta (META) suggested no slowdown in AI-related spending.
- Microsoft highlighted that AI is now one of its largest businesses and pointed to long-term growth.
- Meta projected sharply higher capital spending in 2026 to fund its Meta Super Intelligence Labs and core business.
Top Stories
