The market capitalization of major cryptocurrencies was steady early on June 23, up 0.05 percent from the previous day to USD899.78 billion. On the other hand, the overall volume of the crypto market fell during that time by 5.85 percent, to USD66.53 billion.
DeFi's 24-hour volume was USD5.39 billion, or 8.11% of the entire volume of the cryptocurrency market. The total amount of stable coins was USD57.68 billion, or 86.70% of the 24-hour volume of the cryptocurrency market.
With a 43.20 percent market share, Bitcoin was trading at nearly Rs 16.90 lakh. According to data from CoinMarketCap, this was a daily decline of 0.07 percent.
The US Federal Reserve's actions are causing the markets to brace for a situation with rising interest rates. Higher rates have the potential to reduce inflation, but they also run the danger of weakening the economy and starting a recession. Additionally, they frequently cause stock, cryptocurrency, and other investment prices to decline.
The Federal Reserve raised its benchmark short-term interest rate by three times the average amount last week, marking the highest increase since 1994. At its following meeting in July, it might take another big raise into consideration.
The value of bitcoin, which hit a record high of USD69,000 in November, has decreased by more than half this year.