Top Crypto Gainers Today on DEXScreener – SHIELD, INNO, DAMM
With the bears back in control of the broader crypto market on Monday amid a continuation of concerns about the tense Iran/Israel situation and the latest strong US economic data, which will likely further deter the Fed from cutting interest rates, crypto traders are now flocking to the on-chain micro-cap markets as they hunt for top crypto gainers today.
Bitcoin was last trading back near $63,000 and eyeing a retest of its weekend lows around $61,000. BTC is sharply off session highs near $67,000.
Other major altcoins, like Ether, Solana, XRP and Toncoin were also sharply off session highs.
Reports that Israel was going to hit Iran back after the latter’s weekend attack rattled sentiment.
❖ ISRAEL REPORTEDLY TO HIT BACK 'CLEARLY AND FORCEFULLY'
The Israeli war cabinet has decided to retaliate "clearly and forcefully" against the missile and drone attack carried out by Iran on Saturday, The Times of Israel reported on Monday citing the local broadcaster Channel…
— *Walter Bloomberg (@DeItaone) April 15, 2024
Market sentiment had already been down following stronger-than-expected US retail sales data earlier in the morning. With the US economy holding up so well and inflation moving in the wrong direction, the argument for near-term Fed rate cuts is weakening.
10-year Treasury yields have risen by more than 45bp so far this month. After today's hotter-than-expected retail sales number, traders aren't pricing in a full rate cut until November. pic.twitter.com/xcXcVDT3s2
— Lisa Abramowicz (@lisaabramowicz1) April 15, 2024
That’s why US bond yields and the US dollar continue to push aggressively higher, a major headwind to crypto.
Amid bearish conditions in the blue-chip crypto market, it’s no surprise that traders turn to on-chain
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