Major cryptocurrencies were trading in the red Early on September 2. The market capitalization of all cryptocurrencies was USD 981.86 billion, up 0.09 percent over the previous day. Over the past 24 hours, the total volume traded on the cryptocurrency market fell by 9.77 percent to USD 62.41 billion.
DeFi's entire 24-hour volume is USD 5.55 billion, or 8.90%, of the overall crypto market volume. All stable coin volume is currently USD 57.11 billion, or 91.50 percent of the 24-hour volume of the whole crypto market. Bitcoin was trading around Rs 16.55 lakh. According to CoinMarketCap, its dominance is currently 39.08%, a drop of 0.23 percent from the previous day.
Avalance, Tron, and Solana saw declines today, while Chainlink, Apecoin, XRP, Uniswap, Binance USD, Polkadot, Tether, Litecoin, Polygon, and Stellar prices were trading with gains over the past 24 hours.
"Crypto heavyweights like Bitcoin and Ether are feeling the slight effects of the Fed chairman's aggressive stance against rising inflationary fears. There were no significant swings, suggesting that the general crypto market has assimilated the predicted rate hike and stringent monetary policies suggested by the Federal Reserve. XRP, ADA, SOL, and DOT all experienced a slight decline in value in the altcoin market, which coincides with the turbulence in the traditional markets. The crypto market volume is also down by 9%, suggesting that there may be less buying going on, according to Tarusha Mittal, COO of UniFarm.
In other news, India's Web3 sector is teeming with young entrepreneurs under 35 who have innovative ideas but are constrained by a "tricky" taxation system, a lack of subject expertise, and security concerns. The new taxation structure, which was opposed by the cryptocurrency industry, is still an issue for Web3 business owners.
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