Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets.
Major cryptocurrencies traded in the red early on June 14 as the global crypto market cap declined 13.74 percent to $ 895.36 billion over the last day. On the other hand, the total crypto market volume jumped 60.75 percent to $ 149.45 billion over the last 24 hours.
The total volume in DeFi stood at $ 10.43 billion, 6.98 percent of the total crypto market 24-hour volume. The volume of all stable coins was $ 133.37 billion, which is 89.24 percent of the total crypto market 24-hour volume.
The price of Bitcoin hovered around Rs 17.60 lakh, with a dominance of 44.88 percent. This was a 2.43 percent decrease over the day, according to data from CoinMarketCap.
Major U.S. cryptocurrency lending company Celsius Network froze withdrawals and transfers on June 13 citing “extreme” conditions.
The Celsius move triggered a slide across cryptocurrencies, with their value dropping below $ 1 trillion for the first time since January 2021.
New Jersey-based Celsius, which has around $ 11.8 billion in assets, offers interest-bearing products to customers who deposit cryptocurrencies with its platform. It then lends out cryptocurrencies to earn a return.
Crypto markets have dived in the past few weeks as rising interest rates and surging inflation prompted investors to ditch riskier assets across financial markets.
Cryptocurrency investors have also been rattled by the collapse of the terraUSD and luna tokens in May which was shortly followed by Tether, the world’s largest stablecoin, briefly breaking its 1:1 peg with the dollar.
As of 7.45 am on June 14, these are the prices of the largest cryptocurrencies (data from WazirX):
| NAME | PRICE (INR) | 24H % |
| Bitcoin | 17,70,105 | -17.31% |
| Ethereum | 92,764.1 | -17.53% |
| Tether | 82.71 | -0.36% |
| Cardano | 37.30 | -3.73% |
| Binance Coin | 17,195.52 | -14.02% |
| XRP | 24.5486 | -10.44% |
| Polkadot | 565.47 | -3.83% |
| Dogecoin | 4.25 | -14.46% |
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