Crypto Index Tracker: DeFi Extends Losses the Most
- By Bilal Hafeez and Dalvir Mandara
- 3 min read
Crypto markets have been selling off over the past week and the risk-averse price action has been confirmed by todays US May CPI release – it has come in at +8.6% vs +8.3% expected. This puts inflation at new 40-year highs. This is a big data point ahead of next week’s FOMC meeting and we expect more volatile price action around that given the continued anticipation of aggressive rate hikes to come.
As for the performance of our various indexes, they are all in the red (Charts 1 and 2). Our DeFi Index is leading losses at 8% followed by our Metaverse and Privacy Indexes at around 5% each. Our Smart Contract and Bitcoin Indexes are both down the least – around 1% each.
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