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Cryptocurrency markets appeared to broadly stabilize on Sunday after experiencing sharp downside on Saturday in a continuation of recent bearish moves as a result of the increasingly hawkish US Federal Reserve and growing US recession fears. Having slipped as low as the $760 billion on Saturday, total cryptocurrency market capitalization was last just above $800 billion, down more than $400 billion or over 30% in the last two weeks alone. <\/span>\u00a0<\/span><\/p>\n The world\u2019s largest cryptocurrency by market capitalization Bitcoin<\/a> was last changing hands near $18,500 and down about 2.0% on the day, having slumped more than 7% alone on Saturday to break below the important psychological $20,000, $19,000 and $18,000 levels before printing fresh annual lows in the mid-$17,000s. Ethereum<\/a>, the world\u2019s second-largest cryptocurrency by market cap, was last trading in the mid-$900s per token, having dipped to fresh 2022 lows in the $800s on Saturday. <\/span>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n According to CoinMarketCap data, crypto exchange Bitfinex<\/a>\u2019s utility token UNUS SED LEO<\/a> is the best performing cryptocurrency in the top 20 by market cap over the last 24 hours. LEO, which offers holders discounted trading fees on the Bitfinex exchange, dipped from around $5.0 per token to as low as $4.30 on Saturday in tandem with the meltdown in Bitcoin and other cryptocurrencies. <\/span>\u00a0<\/span><\/p>\n But LEO has since seen a sharp recovery back to close to the $5.0 per token level, a 15% bounce from Saturday lows. The bounce comes at a time when most other cryptocurrencies have failed to mount a recovery from this weekend\u2019s losses and is in fitting with the cryptocurrency\u2019s recent outperformance versus most of its major rivals. <\/span>\u00a0<\/span><\/p>\n Indeed, in 2022, while most of the rest of the cryptocurrency market has suffered from high global inflation, a weakening global economy, hawkish central banks and a bear market in global equities, UNUS SED LEO has been a very strong performer. Though it has pulled back aggressively from February\u2019s all-time highs in the $8.50 area, it still trades over 30% higher on the year. <\/span>\u00a0<\/span><\/p>\n While the cryptocurrency market has shed over $1.2 trillion in value (or over 60%) since the start of April, LEO has only dropped about 13%. Some have argued that LEO\u2019s unique tokenomics mean the cryptocurrency can be viewed as a comparative safe haven compared to other tokens. <\/span>\u00a0<\/span><\/p>\n iFinex, Bitfinex\u2019s parent company, has committed to purchasing and then burning LEO tokens equal to 27% of the company\u2019s revenues. The burn mechanism to \u201ccontinue to 100% of tokens have been redeemed\u201d, iFinex said when it released the token back in 2019. This means the token is deflationary, a property that some in crypto think helps preserve a token\u2019s value. <\/span>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\nUNUS SED LEO \u2013 Coin of the Day<\/span>\u00a0<\/span><\/h2>\n