The cryptocurrency market has shown steady resilience over the past two days, even as the Crypto Fear & Greed Index remains deeply in “Extreme Fear” territory. Despite the pervasive caution, total market capitalization climbed from $2.13T to $2.18T, with Bitcoin and Ethereum posting consecutive gains.
On June 11, Bitcoin traded at $61,952.11, up 0.90%, while Ethereum reached $1,635.50, up 0.51%. By June 12, Bitcoin had advanced to $63,684.27 (up 1.81%) and Ethereum to $1,675.56 (up 1.54%). Bitcoin dominance held steady at 58.5%, and Ethereum’s share remained at 9.3%. The Fear & Greed Index edged from 15 to 18, still firmly in extreme fear.
DeFi total value locked (TVL) recovered from a 1.16% drop to a 2.58% surge, reaching $71.42B, with Lido leading at $14.93B. NFT sales volumes also reversed a 6.9% slump to post an 18.4% jump. Meanwhile, extreme volatility hit smaller tokens: on June 11, ArbGPT ($GPT), Jambo ($J), and Mellion Coin ($MEC) were top gainers with spikes up to 200%; on June 12, Velvet Unicorn ($VU) and StablR USD ($USDR) surged over 118%.
Several significant developments emerged. DeFi platform PiggyBank disclosed a $LAB manipulation that caused a 15% drawdown, committing to compensate affected users. Bitcoin miner Bitmine purchased $41 million in Ethereum to expand its treasury. The White House ordered a federal AI testing agency to stop publicly reporting on advanced AI model assessments, citing national security. Meanwhile, Visa outlined plans to act as a trust layer for independent commerce, aiming to merge $7B in stablecoin settlement with AI agent verification. Hong Kong tightened cross-border fund regulations for mainland investors.
Most notably, Japan approved a bill to slash taxes on Bitcoin and Ethereum from 55% to just 20%, a move widely expected to boost crypto adoption and institutional interest in the region.
