The overall volume of cryptocurrency trade in the last 24 hours was $121.58 billion, a drop of 40.16 percent. Stablecoins ($94.49 billion) accounted for 77.72 percent of the crypto market’s 24-hour market volume, while DeFi ($17.86 billion) contributed for 14.69 percent of overall crypto volume.
Over the previous 24 hours, the global crypto market capitalization has dropped 1.07 percent to $2.27 trillion. Bitcoin, which is presently selling at $49,084.94, has had a 0.42 percent increase in market domination in the last day, putting it at 40.72 percent.
The overall volume of cryptocurrency trade in the last 24 hours was $121.58 billion, a drop of 40.16 percent. Stablecoins ($94.49 billion) accounted for 77.72 percent of the crypto market’s 24-hour market volume, while DeFi ($17.86 billion) contributed for 14.69 percent of overall crypto volume.
In terms of major cryptocurrencies, Bitcoin declined 0.53 percent globally, while Ethereum ($4,141.51) increased 0.55 percent. Binance Coin ($545.71) has likewise lost 3.11 percent of its value. Over the last 24 hours, Solana ($192.74) has lost 1.55 percent, Cardano ($1.37) has lost 1.85 percent, Avalanche ($83.77) has lost 7.32 percent, Polkadot ($27.06) has lost 4.17 percent, and Litecoin ($153.51) has lost 4.99 percent.
SHIB, a Memecoin, fell by roughly 0.90 percent, while DOGE fell by 1.53 percent.
The price of bitcoin is currently Rs 40,67,870.
The government reiterated that it is not trying to ban cryptocurrencies, but rather to regulate them as ‘assets,’ putting an end to rumours that they might be banned in India. According to reports, the Securities and Exchange Board of India would regulate all Indian cryptocurrency exchanges (SEBI). Citizens will also be prohibited from holding crypto assets on international exchanges or in private wallets, according to the cabinet memo.
On Saturday, Bitcoin, like other cryptocurrencies, witnessed a significant drop in market value, indicating that risk aversion is sweeping financial markets. According to tracker CoinGecko, the total crypto industry has lost about a fifth of its value, falling to $2.2 trillion.
