“To the moon!” Yeah, maybe not. Yesterday the Fed spoke and markets awoke. But today crypto’s recovery seems to have headbutted a wall in the metaverse.

Yesterday’s 50 basis points interest-rate hike news from the US Federal Reserve did give markets exactly what was widely expected. And markets tend to go okay on a lack of surprise.

One thing that did perhaps raise half an eyebrow, however, was the Fed pretty much ruling out increasing the rate-hiking to 75bps in June. Up until a few days ago, this was widely tipped as a 50/50 possibility.

It was a whiff of positivity for the markets, but a pretty faint one, really. After a half-decent surge on the Fed announcement, stocks have been selling off, as US investor and analyst Sven “Northman Trader” Henrich notes below.


And, unfortunately, the highly correlated crypto market does what it’s told. Short-timeframe financial analysts – stocks and crypto – are certainly earning their keep right now.


Top 10 overview

With the overall crypto market cap at roughly US$1.8 trillion, down about 2.2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Led by Bitcoin and Ethereum, the crypto majors generally tend to show the way for the rest of the market. And right now they’re all looking decidedly shakier than this time yesterday.

How’s this for a cliff dive? Note the Wall Street opening around 9.30am EDT (1.30pm UTC on the chart).

Image: Coingecko. Annotation: Stockhead (GMT/UTC time shown)


The 24-hour lagging crypto Fear & Greed Index is showing “Fear”, moving up from the “Extreme Fear” it’s been pointing to recently. But if Wall Street keeps panicking, I’ll bet you a tenth of a Bitcoin the sentiment index will be right back into outright horror territory again this time tomorrow.


Sweeping a market-cap range of about US$17.7 billion to about US$918 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.


• Zilliqa (ZIL), (market cap: US$1.2 billion) 7%

• Waves (WAVES), (mc: US$1.46 billion) +5%

TRON (TRX), (mc: US$8.1 billion) +4%

• Uniswap (UNI), (mc: US$3.4 billion) +3%

• Ethereum Classic (ETC), (mc: US$3.86 billion) +3%



• STEPN (GMT), (mc: US$1.72 billion) -12%

• NEXO (NEXO), (mc: US$1.1 billion) -8%

• ApeCoin (APE), (mc: US$4 billion) -7%

• Frax Share (FXS), (mc: US$1.56 million) -6%

Filecoin (FIL), (mc: US$2.8 billion) -5%


Uppers and downers: lower caps

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…


FUSION (FSN), (market cap: US$34 million) +26%

Multichain (MULTI), (mc: US$199m) +19%

• Cult DAO (CULT), (mc: US$105m) +15%

Steem (STEEM), (mc: US$172m) +14%

Maple (MPL), (mc: US$294m) +11%



Perpetual Protocol (PERP), (mc: US$168m) -18%

Astar (ASTR), (mc: US$484m) -13%

• Tokemak (TOKE), (mc: US$172m) -9%

Injective Protocol (INJ), (mc: US$221m) -9%

 Ethereum Name Service (ENS), (mc: US$499m) -7%


Around the blocks: sell-off chatter, plus Binance apes into Twitter



Meanwhile… here’s something interesting… Binance, the world’s largest crypto exchange by volume, has announced it’s committed US$500 million to invest in Elon Musk’s vision for Twitter…

Wonder what Binance will get for its cash. Some extra effort on the Bored Ape trolling and DOGE pumping perhaps? We’ll aim to cover this further in our next bumper “Monday Fund Day” crypto-funding roundup.