New Delhi: The global crypto market capitalisation has suffered a lot in the last 24 hours. The crypto market saw a massive sell-off by 6.92 percent over the last 24 hours taking its total market capitalisation to $2.07 trillion.
Top cryptocurrencies like Bitcoin ($42,925) and Ethereum ($3,366) declined by 8% and 11% respectively, over the last 24 hours. Popular meme coins like Dogecoin ($0.1572) and Shiba Inu ($0.00002982) also dipped by 7.5% and 9% respectively.
Other major coins including Binance’s BNB, Solana, Cardano, and XRP—have also fallen sharply losing between 9% and 12% whipping billions of dollars of value from the market.
DeFi witnessed 18.35% of the trading volume at $21.35 billion while stablecoins made up 79.47% at $92.48 billion. Bitcoin experienced a surge in the market dominance of 0.30% to mark 39.66% on Thursday morning.
Why Crypto market is crashing?
Two major news in the crypto world has taken the largest cryptocurrency, Bitcoin towards a down-ward ride to a three-month low. BTC shed $3,000 in a matter of hours which is nearly 40% below from its all-time high of almost $70,000 set in November.
As per reports, this massive sell-off has occurred in response to the US Federal Reserve’s indications of raising interest rates. They are also planning to stop printing money which will eventually make it more expensive to borrow in order to steady the economy.
On the other hand, Kazakhstan, the country known in the crypto world for accounting almost 18 percent of the Bitcoin network’s hash activity, saw a nationwide internet shutdown. This internet shutdown caused a big drop in the BTC’s hashrate.