These Top 5 Cryptos Drop As US Debt Ceiling Fears Worsen Market Conditions

Among the top 5 cryptos experiencing major losses, a bigger problem looms overhead that currently affects the markets, despite the improving macro situation indicated by the Consumer Price Index.

Recently, investors have become increasingly concerned about the US debt ceiling, with US Treasury Secretary Janet Yellen setting a deadline of June 1st. As a result, the markets continue to fear the worst.

The crypto market is not exempt from the bearishness being experienced by the markets. According to CoinGecko, the total market cap of crypto declined nearly 3% as major cryptocurrencies continue to slip after a month of compounding gains.

Top 5 Cryptos Sustaining The Biggest Loss

PEPE

After an astronomical rise in popularity, the token is now subject to the whims of the crypto market. According to market data, PEPE is down 8.7% in the past 24 hours as investors, both big and small, reduce their holdings.

At the time of writing, the bulls are trying to recover $0.00000138 support. However, if the market continues its general decline PEPE will be dragged to lower lows. For now, investors and traders should monitor the market sentiment closely to make better decisions. 

HT

The Justin Sun-owned exchange, Huobi’s governance token HT is under the influence of its controversial owner. After coming under fire from CZ and the Office of Foreign Assets Control due to various reasons, HT’s price tanked by 12% since last week. 

The token’s current momentum puts it on a path toward lower lows. After a bearish breakthrough on $3.55, HT has little to no support to stop the bleeding. Investors and traders could short the token for some gains in the short to medium term. 

TON

First launched by Telegram back in 2018, TON has come a long way as developers continue to add more functionality. Despite this, the token itself continues to plummet alongside the broader market. CoinGecko data shows that TON is down by a whopping 11% in the weekly timescale, becoming one of the biggest losers in the market. 

As of writing, the bulls are trying to flip the $1.88 resistance to support. However, investors should still be cautious in the short to medium term despite the recent market pullback. 

CFX

The governance token of Conflux has seen ebbs and troughs as Conflux itself grew throughout the years. With on-chain development being strong in the ecosystem, the only thing holding back CFX is the bearishness in the market. According to CoinGecko, CFX is down by 18% since last week. 

The bulls are currently targeting the $0.312 resistance to support a bigger push upward. However, the token’s strong correlation with Bitcoin might also help the bears in the long run. If the macro situation doesn’t improve, CFX will experience more pain in the future. 

Crypto total market cap at $1.10 trillion on the daily chart at TradingView.com

INJ

Despite Injective trying to generate some hype surrounding its mysterious Project X, INJ wasn’t exempted from today’s list of top 5 cryptos on the decline. The latest market data reveals that the token is down by a whopping 21% since last week, showing investors weakness as it became one of the biggest losers this week. 

The bears are on their way to flipping $5.56 to resistance in the short to medium term. If they’re successful, investors and traders will experience more pain during this time period. Defending this support level will be crucial in the coming days as the macro situation continues to spread fear in the markets.

-Featured image from Outlook Money