Major cryptocurrencies started off the day in the red on July 12. Over the previous day, the market capitalization of all cryptocurrencies fell by 3.21percent to USD 888.31 billion. Over the past 24 hours, the total volume traded on the cryptocurrency market has decreased by 2.54 percent to USD 53.85 billion.

DeFi has a total volume of USD 4.73 billion right now, which is 8.79percent of the 24-hour volume of the entire crypto market. All stable coin volume is currently USD 48.97 billion, or 90.92 percent of the 24-hour volume of the whole crypto market.

Bitcoin was trading for almost Rs 16 lakh. According to data from CoinMarketCap, the market share of Bitcoin is currently 42.81 percent, a drop of 0.02 percent from the previous day.

In other news, the Financial Stability Board (FSB), an organisation made up of central bankers, treasury officials, and regulators from the Group of 20 economies (G20), announced on Monday that it would propose "robust" international regulations for cryptocurrencies in October. This announcement comes in response to recent market turmoil, which has highlighted the need for regulation of the "speculative" sector.

Since the crypto industry did not present a systemic concern, the FSB has thus far restricted itself to monitoring it. However, the recent instability in the cryptocurrency markets, according to the FSB, has brought to light their volatility, structural vulnerabilities, and growing connections to the larger financial system.

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