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Cryptocurrency Prices Today June 22: Dogecoin climbs over 6%; Bitcoin, Ether in red

Bitcoin, which reached a record high of $69,000 in November, has lost more than half its value this year.

June 22, 2022 / 08:12 AM IST
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Representative Image

Major cryptocurrencies were trading in the red early on June 22 as the global crypto market cap dropped 0.67 percent to $901.59 billion over the last 24 hours. On the other hand, the total crypto market volume declined 2.34 percent to $70.50 billion during the period.

The total volume in DeFi stood at $6.54 billion, 9.28 percent of the total crypto market's 24-hour volume. The volume of all stable coins was $60.96 billion, 86.47 percent of the crypto market's 24-hour volume.

Bitcoin hovered around Rs 16.80 lakh, with a dominance of 43.35 percent. This was a 0.10 percent decrease 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.

At 7:43am on June 21, these were the prices of the largest cryptocurrencies (data from WazirX):
Binance Coin17,798-1.17%
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Moneycontrol News
first published: Jun 22, 2022 08:12 am
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