The total volume in DeFi stood at $6.65 billion, 9.24 percent of the total crypto market's 24-hour volume. The volume of all stable coins was $62.73 billion, 87.23 percent of the crypto market's 24-hour volume.
Bitcoin hovered around Rs 17 lakh, with a dominance of 43.35 percent. This was a 0.08 per cent increase over the day, data from CoinMarketCap shows.
Meanwhile, markets are bracing for a world of higher interest rates, led by moves from the US Federal Reserve. Higher rates can bring down inflation, but they also risk bringing on a recession by slowing the economy. They also tend to hurt prices of stocks, cryptocurrencies, and other investments. Last week, the Fed hiked its key short-term interest rate by triple the usual amount in its biggest increase since 1994. It could consider another such mega hike at its next meeting in July.
Bitcoin, which reached a record high of $69,000 in November, has lost more than half its value this year.
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