The crypto market remains under pressure ahead of the pivotal U.S. inflation data, which is expected to show the cost of living rose to a three-year high of over 4% in May.
Tokens such as privacy-focused zcash (ZEC) and decentralized exchange Hyperliquid’s HYPE have each dropped over 10% in 24 hours, a signal of risk aversion in the broader market. ADA, ONDO, BCH are other losers, dropping more than 4%. The CoinDesk 20 Index fell 3% in the period.
Bitcoin has retraced to under $61,500, nearly reversing the Sunday bounce that saw prices rise above $64,000 on some exchanges. More importantly, the cryptocurrency is trading below its 200-week simple moving average (SMA), a technical line widely watched by traders.
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