DeFi accounted for 9.49 percent of the whole crypto market with a 24-hour volume of $5.98 billion, which was much higher than any other crypto.
At the opening of trade on July 8, the total value of all crypto on the market increased by $553 million. This is equivalent to a 5.53 percent increase, to 973.47 billion dollars. Despite this, the volume of all crypto traded over a period of twenty-four hours climbed by 9.54 percent. As a result, it reaches $62.98 billion.
Stablecoins accounted for 89.35 percent of the total amount transacted in the crypto market over the past twenty-four hours. It has a volume of $56.28 billion moved in those coins during that time period.
The Crypto Market Percentage Fell Yesterday
During the time of the transaction, the cost of one Bitcoin was equivalent to 17.27 lakh Indian rupees. Over the course of the previous day, the percentage of the market has experienced a decline of 0.94 percent. According to the statistics that were made available by CoinMarketCap, this takes the total percentage down to 43.35 percent.
The crypto exchange Celsius Network, which is based in the United States, made an announcement earlier this month that it would temporarily block withdrawals. This resulted in a decrease in the price of Bitcoin and Ether. According to Reuters, a crypto hedge fund known as Three Arrows Capital allegedly declared bankruptcy. Additionally, it is currently in the process of liquidating its assets, which caused shockwaves to spread throughout the market.
Since the catastrophic failure of the so-called stablecoin TerraUSD in May, many of the current problems of the industry may be traced back to that event. This is when both the stablecoin and its linked token lost nearly all of their value In May, the stablecoin and its linked token lost nearly all of their value.
