The cryptocurrency market capitalization has fallen below $1 trillion for the first time since January last year amid extreme market conditions.
According to data provided by Coinmarketcap, the global crypto The market capitalization is $983.72 billion, down 11.23% from the previous day.
The total volume of the cryptocurrency market over the past 24 hours is $123.04 billion, an increase of 44.78%. The total volume of DeFi currently stands at $9.24 billion, which is 7.51% of the total 24-hour volume of the crypto market. The volume of all stable coins is now $110.01 billion, which is 89.41% of the total crypto market 24-hour volume.
The largest cryptocurrency, bitcoin, is down more than 9% on the day, hitting an 18-month low of $23,950.
Ether is down 9% at $1,342.32. Other cryptocurrency coins including Cardano, Dogecoin, Polkadot and Avalanche were also in the red.
market under pressure
The crypto market has come under pressure along with stocks and other assets in the financial markets amid rising interest rates and rising inflation. The collapse in May of the so-called stablecoin TeraUSD and its sister token Luna has also rocked the crypto industry.
The largest cryptocurrency bitcoin fell further after the Celsius network halted withdrawals, dropping more than 7.8% to $24,502, its lowest since December 2020.
In a blog post, the company said it has stopped withdrawals, as well as transfers between accounts, “to stabilize liquidity and operations while we take steps to preserve and protect assets.”
“We are taking this action today to better position Celsius to honor its return obligations, over time.”
Major investors and venture capital firms bet heavily on the crypto lending sector last year.
Traders are betting for more aggressive momentum from the Federal Reserve after US inflation hit a new 40-year high in May, data Friday showed. This triggered a sell-off in riskier assets including crypto and stocks.