Crypto World News
June 16, 2022 by
Cryptocurrency prices today have rebounded after crashing in the past few sessions, which has dragged down the crypto’s market value below $1 trillion for the first time since January last year. The world’s largest digital token rose over 3% and traded at $21,915. The most popular crypto is down more than 52% so far this year and is trading below its record high of $69,000 it had hit in November last year.
On the other hand, the coin Ether linked to the Ethereum blockchain and the second-largest cryptocurrency rose over 7% and traded at $1,195. Meanwhile, other cryptocurrency prices like dogecoin were also trading higher today at $0.05 whereas Shiba Inu also surged more than 4% to $0.000008. The global cryptocurrency market cap today is $978 billion, up about 5% in the last 24 hours.
Other cryptocurrency prices are also trading higher than before. The coins namely Stellar, Avalanche, Uniswap, XRP, Tether, Solana, Polkadot, Polygon, Terra Luna Classic, Cardano, Litecoin and Chainlink were trading higher with gains in the range of 4-17% over the last 24 hours. However, Tron and Binance USD slipped.
The global cryptocurrency market cap surged high to its peak at $2.9 trillion in November 2021, but it has faltered so far this year. The market value of the industry came below $1 trillion in simply 2 months due to which the investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
The Crypto exchange Coinbase Global Inc announced that it is going to lay off 18% of its workforce, which is another sign of the worsening crypto downturn.
The cryptocurrency downturn began soon after Bitcoin hit its all-time high in November. Earlier this year, the collapse of the Tera USD stablecoin and related Luna token erased billions of market gains.
Filed Under: News, Bitcoin News
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