Cryptocurrency prices continue to be in the red on June 9. The global cryptocurrency market cap is $1.50 trillion, a 3.04 percent decrease over the last day, while the total crypto market volume over the last 24 hours is $132.13 billion, which makes a 29.23 an increase.
The volume of all stable coins is now $105.17 billion – 79.60 percent of the total crypto market 24-hour volume. Bitcoin's price is currently $32,987.02 and its dominance is currently 41.34 percent, an increase of 0.39 percent over the day.
This comes after the head of the United States Internal Revenue Service (IRS) called for lawmakers to provide authority for tighter reporting rules on crypto transfers.
IRS chief Charles Rettig, on June 8, said that Congress needs to provide clear statutory authority for the tax agency to collect information on cryptocurrency transfers valued at over $10,000 that largely go unreported.
He said before the Senate Finance Committee that cryptocurrency market capitalization is over $2 trillion, with more than 8,600 exchanges worldwide. "By design, most crypto virtual currencies are designed to stay off the radar screen, so we will be challenged right now."
Earlier a spokesperson for British fund manager Ruffer Investment Management confirmed that it exited its Bitcoin bet in April with a $1.1 billion profit amid worries over risk after quick gains in the cryptocurrency's price.
Apart from this, former United States President Donald Trump on June 7 called the cryptocurrency Bitcoin as a 'scam'. He even said that he dislikes bitcoin as it is another currency competing against the dollar.
In an interview to Fox Business Network on Monday, Trump said, "Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar ... I want the dollar to be the currency of the world. That’s what I’ve always said."
Meanwhile, Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world's largest cryptocurrency, which has seen its upward momentum stall in the last few months, according to date released by digital currency manager CoinShares.
Bitcoin outflows hit $141 million in the week ending June 4, representing 8.3 percent of the net inflows seen this year. For the year so far, Bitcoin still showed net inflows of $4.2 billion. The cryptocurrency sector overall suffered outflows of $94.2 million last week, the data showed.
That said, ether, the token used for the Ethereum blockchain, continued to see inflows, with $33 million this week. So far this year, inflows into ether products and funds totalled $1 billion. And XRP saw total inflows of $7 million, the largest since April, while both Cardano and multi-asset products posted inflows of $4.5 million and $2.7 million respectively.
Blockchain data provider Glassnode also affirmed Bitcoin's slowdown. "The growth in on-chain demand has slowed markedly, with a number of on-chain metrics showing significant pull-backs," Glassnode said.As off 7.10 am on June 9, these are the prices of 10 largest cryptocurrencies (data from https://coinmarketcap.com):
|4||Binance Coin BNB||$340.34||5.82%||3.79%||$52,590,000,264||$4,295,931,725|
|8||USD Coin USDC||$1.00||0.03%||0.04%||$23,166,000,391||$2,713,291,463|