Crypto Crash Latest News (13th June): A massive sell-off is apparently pulling the crypto markets down. The global crypto market cap has crashed below the $1 trillion mark to 999 billion, down by around 10 percent in the last one day. At the time of writing, almost every top crypto was in the red with prices of many losing up to 17 percent and touching new lows in the last 24 hours, according to CoinMarketCap data (2.03 pm). (Read what happened in crypto markets on June 12 here).
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Bitcoin (BTC) price has dropped by over 10 percent in the last 24 hours to $24,760. The top crypto’s dominance has decreased by nearly 0.36 percent to 47.25 percent of the total crypto market. In the last 7 days, Bitcoin price has decreased by 20.86 percent.
Meanwhile, the total cryptocurrency market volume over the last 24 hours increased by 27 percent to $110 billion, indicating massive sell-off of crypto holdings by investors. The total volume in DeFi was $8.66 billion, which is 7.83 percent of the total crypto market 24-hour volume. Stable coins volume was $97.88 billion, which is 89 percent of the total crypto market 24-hour volume.
Why crypto market is falling
“An on-going sell-off was seen over the weekend, as BTC fell to the $24,000 level. The crypto Fear and Greed Index still showed a sentiment of ‘extreme fear’; this indicated that most investors were still extremely bearish,” Darshan Bathija, CEO and Co-Founder of crypto exchange Vauld said.
“The recent inflation numbers (consumer price index) seen in the US has had a negative effect on most markets. Most investors will be keenly looking at the U.S. Federal Open Market Committee meeting slated for June 14 and 15th. An interest hike by the Fed is already priced in; however most investors worry that unless inflation numbers start dropping soon, the Fed will likely have to tighten reigns at a faster pace than anticipated,” he added.
Crypto Rupe Index Change
Crypto Rupee Index (CRE8) by CoinSwitch fell over 18 percent in the last one day to Rs 2507. CRE8 tracks crypto market performance in INR the time of writing, the index was down by Rs 567.16 in 24 hours. In last 7 days, it has fallen by around 22 percent. CRE8 is an Indian Rupee denominated crypto index reflecting Indian marketing conditions. Read more about CRE8 here)
Top Cryptocurrency Prices on June 13
Ethereum price has fallen by 13 percent to $1277 in the last 24 hours. In the last 7 days, ETH price has decreased by 33 percent. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance Chain coin’s price decreased by 10 percent to $232 in the last 24 hours. In the last 7 days, BNB price has decreased by 25 percent. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.
XRP: XRP coin’s price decreased by 8 percent to $0.3214 in the last 24 hours. In the last 7 days, XRP price has decreased by 20 percent. It is currently ranked as 7th biggest crypto in terms of market capitalisation.
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Solana (SOL): Solana price has fallen by around 16 percent to $27 in the last 24 hours. In the last 7 days, SOL price has decreased by 36 percent. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano token’s price decreased by 13 percent to $0.4504 in the last 24 hours. In the last 7 days, ADA price has decreased by 30 percent. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoin’s (DOGE) price decreased by 14 percent in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.05694.
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Price of Polkadot (DOT) decreased by 12 percent to $6.75 while Avalanche (AVAX) price was down by 17 percent to $15.6. Both DOT and AVAX are currently ranked 13th and 16th respectively on CoinMarketCap. Polygon (Matic) price fell by 15 percent to $0.439 in the last 24 hours. It is currently ranked 18th on CoinMarketCap.
Meanwhile, Tron (TRX) price has also decreased by 15 percent in the last 24 hours to $0.06395. It is currently ranked 13th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)