Crypto Crash News (June 13): Short selling is driving the cryptocurrency markets lower. The global cryptocurrency market cap fell further to $1.04 trillion, down more than 8% in the past day. At the time of writing, almost all major cryptocurrencies are in the red, with prices of many of them losing more than 11% and hitting new lows in the past 24 hours, according to data from CoinMarketCap (8:09 AM). (Read what happened in the crypto markets on June 12 here).
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Bitcoin (BTC) price is down 9.14% in the past 24 hours to $2,638. The dominance of the top cryptocurrencies decreased by approximately 0.5% to 47.20% of the total cryptocurrency market. Over the past seven days, the price of Bitcoin has fallen by 17.02%.
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Meanwhile, the total volume of the cryptocurrency market in the past 24 hours increased by 31.35% to $94.56 billion, indicating a massive sell-off in cryptocurrency holdings by investors. DeFi totaled $7.76 billion, or 8.20% of the total 24-hour crypto market size. The stablecoin volume reached $82.21 billion, or 86.94% of the total volume of the cryptocurrency market over a 24-hour period.
The reason for the crash of the cryptocurrency market
“A pending sell-off was seen over the weekend as Bitcoin traded near the $27,000 level. The Crypto Fear and Greed Index continues to show a sense of “extreme fear”; this indicates that this indicates that this indicates that Most investors are still very bearish.
The recent inflation figures in the US (Consumer Price Index) had a negative impact on most markets. Most investors’ attention will be focused on the FOMC meeting scheduled for June 14-15. The rate hike has already been priced in by the Federal Reserve; However, most investors fear that unless inflation numbers start to fall soon, the Fed will likely have to tighten the screws faster than expected.”
Change the cryptocurrency index in rupees
CoinSwitch’s Crypto Rupee Index (CRE8) is down more than 18% in the past day to Rs 2,517. CRE8 tracks the performance of the crypto market in INR at the time of writing, the index is down by Rs 555.43 in 24 hours. In the past seven days, it’s down over 21%. CRE8 is an Indian Rupee denominated crypto index that reflects Indian trading conditions. Learn more about CRE8 here)
Best Cryptocurrency Prices on June 13
Ethereum (ETH): The price of Ethereum is down 7.6% to $1,355 in the last 24 hours. In the past seven days, the price of ETH has fallen by 27.28%. It is currently ranked as the second crypto asset by market capitalization.
Binance (BNB): The price of the Binance Chain coin is down 7% to $239 in the past 24 hours. Over the past seven days, the price of BNB has fallen by 21.65%. It is currently ranked 5th in terms of crypto assets by market capitalization.
XRP: The price of XRP is down 3.12% to $0.3341 in the last 24 hours. In the past seven days, the price of XRP has fallen by 16.85%. It is currently ranked seventh among cryptocurrencies by market capitalization.
Solana (SOL): The price of Solana is down 10.31% to $28.79 in the last 24 hours. In the past 7 days, the price of SOL has decreased by 29%. It currently ranks 9th among crypto assets by market capitalization.
Cardano (ADA): The Cardano token price is down 10.68% to $0.4662 in the last 24 hours. In the past seven days, the price of ADA has fallen by 21%. It currently ranks eighth among crypto assets by market capitalization.
The price of the popular Dogecoin (DOGE) is down 8% in the last 24 hours. DOGE is currently ranked 10th by market capitalization. The price of DOGE at the time of writing is $0.06083.
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Polkadot (DOT) is down 9% to $7 while Avalanche (AVAX) is down 14.33% to $16.09. DOT and AVAX are currently ranked 13th and 16th, respectively, on CoinMarketCap. Polygon (Matic) price is down 8.48% to $0.4693 in the last 24 hours. It is currently ranked #18 on CoinMarketCap.
Meanwhile, the price of Tron (TRX) has also fallen by 1.76% in the last 24 hours to $0.07371. It is currently ranked number 13 on CoinMarketCap.
(Cryptocurrencies and other virtual digital assets are not regulated in India. It is considered a high investment risk. Please consult your financial advisor before making any investment decision)