Latest news on the cryptocurrency market crash: A sell-off is bringing down the crypto markets. The global crypto market capitalization has plunged further to $1.04 trillion, down more than 8 percent in the past day. At the time of writing, almost all major cryptocurrencies were in the red with many losing more than 11 percent and hitting new lows in the past 24 hours, according to data from CoinMarketCap (8:09am). (Read what happened in the crypto markets on June 12 here)
The price of Bitcoin (BTC) has fallen by 9.14 percent in the last 24 hours to $25,638. Top crypto dominance has decreased by almost 0.5 percent to 47.20 percent of the total crypto market. In the last 7 days, the price of Bitcoin has decreased by 17.02 percent.
Meanwhile, the total volume of the cryptocurrency market in the last 24 hours increased by 31.35 percent to $94.56 billion, indicating a cryptocurrency sell-off by investors. Total volume in DeFi was $7.76 billion, which is 8.20 percent of the crypto market’s total 24-hour volume. Stablecoin volume was $82.21 billion, which is 86.94 percent of the crypto market’s total 24-hour volume.
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Why is the cryptocurrency market falling?
“An ongoing sell-off was seen over the weekend as BTC traded near the $27,000 level. Crypto Fear & Greed Index Still Showing “Extreme Fear” Sentiment; this indicated that most investors were still extremely bearish,” said Darshan Bathija, CEO and co-founder of crypto exchange Vauld.
“The recent inflation figures (consumer price index) seen in the US have had a negative effect on most markets. Most investors will be keeping an eye on the US Federal Open Market Committee meeting scheduled for June 14-15. An interest rate hike by the Fed is already priced in; however, most investors are concerned that unless inflation numbers start to fall soon, the Fed is likely to have to tighten the reins at a faster pace than anticipated,” he added.
Crypto Rupe Index Change
CoinSwitch’s Crypto Rupee Index (CRE8) is down over 18 percent in the past day to Rs 2517. CRE8 tracks the performance of the crypto market in INR at time of writing, the index is down Rs 555.43 in 24 hours. In the last 7 days, it has fallen more than 21 percent. CRE8 is a crypto index denominated in Indian rupees reflecting Indian trading conditions. Read more about CRE8 here)
The best cryptocurrency prices on June 13
Ethereum (ETH): The price of Ethereum has fallen by 7.6 percent to $1,355 in the last 24 hours. In the last 7 days, the price of ETH has decreased by 27.28 percent. It currently ranks as the second largest crypto asset in terms of market capitalization.
Binance (BNB) – The price of the Binance Chain coin decreased by 7 percent to $239 in the last 24 hours. In the last 7 days, the price of BNB has decreased by 21.65 percent. It is currently ranked as the fifth largest crypto asset in terms of market cap.
XRP – The price of the XRP coin decreased by 3.12 percent to $0.3341 in the last 24 hours. In the last 7 days, the price of XRP has decreased by 16.85 percent. It is currently ranked as the seventh largest cryptocurrency in terms of market capitalization.
Solana (SOL): The price of Solana decreased by 10.31 percent to $28.79 in the last 24 hours. In the last 7 days, the SOL price has decreased by 29 percent. It is currently ranked as the 9th largest crypto asset in terms of market cap.
Cardano (ADA) – Cardano token price decreased by 10.68 percent to $0.4662 in the last 24 hours. In the last 7 days, the price of ADA has decreased by 21 percent. It is currently ranked as the 8th largest crypto asset in terms of market cap.
The price of the popular memecoin Dogecoin (DOGE) decreased by 8 percent in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalization. The DOGE price at the time of this report was $0.06083.
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Polkadot (DOT) price decreased 9 percent to $7, while Avalanche (AVAX) price fell 14.33 percent to $16.09. Both DOT and AVAX are currently ranked 13th and 16th respectively on CoinMarketCap. The price of Polygon (Matic) fell 8.48 percent to $0.4693 in the last 24 hours. It is currently ranked 18th on CoinMarketCap.
Meanwhile, the price of Tron (TRX) has also decreased by 1.76 percent in the last 24 hours to $0.07371. It is currently ranked 13th on CoinMarketCap.
(Cryptocurrencies and other virtual digital assets are not regulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decisions)