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This Week’s Summary

• The cryptocurrency market looks to end the week at a total market capitalization of $1,122 trillion.
• Bitcoin was seen trading at around $28,000 after a 6% loss this week.
• Ethereum lost almost 15% of its value over the past seven days.
• XRP dropped by nearly 8% this past week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector lost over $8 billion from the total value protocols (TVL).

Cryptocurrency Trends for the Week of June 6-12, 2022: Market Analysis and Performance

The crypto market was showing signs of recovery last week. Unfortunately, it was only a silver lining in the crypto industry’s endlessly dark and cloudy sky. In fact, things are looking worse today than they did two weeks ago. For instance, the overall market capitalization dropped by over $100 billion, and most digital assets record two-digit losses.

Bitcoin failed to maintain the $30,000 level it had reached only seven days ago. Moreover, the king coin has been experiencing a free fall following the Lummis-Gillibrand Crypto Bill. Most Bitcoiners are opposing the document. However, its negative impact is clearly visible across the entire crypto market. BTC has been recently trading at around $28,113 and experiencing severe volatility.

Ethereum is back to its 2018 pre-bull run values after a 15% loss this week. The second crypto in command benefited from a slight mid-week boost deriving from the Ethereum developers’ success in merging PoS to Ropsten’s testnet.

Sadly, it wasn’t enough to help it gain more luster in the market. Recently, ETH has been trading at around $1,525 and dropping. We might see it soon below the $1,000 level if Ethereum continues to lose support.

Altcoins & DeFi

Elsewhere, most altcoins have been trading in the red. For example, Solana dropped by over 14%, Cardano is down by 4%, and Dogecoin lost 17% of its value. Moreover, Avalanche is down by 23%, XRP lost 8%, and Aave dropped by no less than 27%.

The Metaverse sector is not faring any better either. For instance, Decentraland is down by almost 11%, and Axie Infinity dropped by 21%. Similarly, ApeCoin continues to lose supporters following a 28% value loss. The same goes for The Sandbox, down by 20% this week.

The DeFi sector lost over $8 billion from the total value protocols, now standing at nearly $46.11 billion.

What’s in the News?

• The EU is close to sealing the deal on the MiCA Regulatory Framework.
• Sweden’s Central Bank wants to ban Bitcoin’s Proof-of-Work mechanism.
• The hacker who stole Optimism funds returned $15 million and sent $1 million OP to Ethereum co-founder Vitalik Buterin.

Next Week’s Crypto Market Forecast

The crypto market needs a bull run to take its main assets back in the green. Unfortunately, that much-anticipated event is now unlikely as various governments look into regulating and subduing cryptocurrencies.

Also, the alarming increase of crypto hacks and failed projects shines an unflattering light on the entire industry. Nevertheless, reliable projects appear in the market every day, showing that the future is not as bleak as some would have you believe.