Crypto crumbles amid inflation fears

  • June 13, 2022
  • Jennifer Moore
Crypto crumbles amid inflation fears

The previous week’s stagnation across crypto market valuations resisting the stablecoin crash was overturned by a sharp overall decline. Analysts are suggesting a phobia of additional inflation in the coming days is the main reason behind the crypto market crash, adding to the possibilities of panic-selling and subsequent fall-outs. Despite all this, large scale institutional investors are optimistic, holding on instead of liquidating their digital assets.

Global Crypto Decline

The worldwide crypto market capitalization, as of today, stands at US$ 1.018 trillion. This has been a notable decline compared to the previous week’s US 1.274 trillion. Markets remained turbulent throughout the week, with the graph indicating a gradual decline. On the other hand, the 24-hour transaction volume increased from US$ 70 billion to US$105 billion, a 50% increase. 

Also Read: Global Crypto Investment Giants Grayscale Launch ETFs across Europe

Performance of Top Cryptos

  • Bitcoin(BTC)

The world’s foremost cryptocurrency fell from its long-held resistance mark of $30k, falling over 19.06% within the week. Bitcoin is currently priced at $25,216.47, dropping 8.06% overnight. The current market capitalization is $483.5 billion, with 24 hour trading volume standing at $47.89 billion. 

  • Ethereum(ETH)

Ether, the native currency of the world’s widely used blockchain system also dropped 31.24% through the previous week. The token fell more sharply in comparison to Bitcoin within a 24 hour period, dropping 11.22% to a current price of $1292.82. Market capitalization stands at $161.5 billion. The 24-hour trade volume is $29 billion. 

Also Read: Bitcoin or Ethereum: Which One’s a Better Investment?

  • Tether(USDT)

The popular US dollar-backed stablecoin did not change significantly. Its price hovered around the US$ 0.9993 to 0.9994 throughout the previous week. USDT is currently valued at US$ 0.9989, dropping 0.01% overnight and 0.05% throughout the week respectively. Moreover, tether’s current market capitalization is US$72 billion. The 24 hour trade volume stands $77 billion. 

  • Cardano(ADA)

Cardano also descended from its previous week advances, declining 29.46% throughout this week. The ADA token has a current valuation of US$ 0.4497, dropping 13.12% from yesterday. Cardano has a current market capitalization of US$ 15.8 billion with 24 hour trade volume transactions worth of $1.7 billion. 

  • Ripple(XRP)

The XRP crypto token fell 21.19% over the week. The current price lies at US$ 0.3094. Its value dropped 11.70% overnight with approximately $1.82 billion worth of transactions over a 24-hour period. Ripple has a present market capitalization of US$ 15.7 billion, a significant decrease from the previous week’s US$18. 95 billion.

Wrapping Up

Experts forecast a slump in the crypto market owing to inflation for some time. Fluctuations and market declines have resulted in short-term selling from retail investors. However, institutional investors remain optimistic on cryptocurrencies, continuing to allocate their assets across diversified portfolios. They are considering the option of “hold and observe”, which is a justifiable step considering crypto’s initial design role of functioning as a hedge against inflation.

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