Bitcoin at Rs 16.10 lakh

Major cryptocurrencies traded in the red early on June 6. The global crypto market cap declined 1.78 per cent to $893.50 billion over the last day. The total crypto market volume over the last 24 hours is $64.77 billion, which makes a 16.92 per cent increase. The total volume in DeFi is $5.68 billion which is 8.76 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $59.44 billion, which is 91.76 per cent of the total crypto market 24-hour volume. Bitcoin hovers around Rs 16 lakh and its current dominance in the crypto market is 42.40 per cent which is a 0.06 per cent decrease over the last day, according to CoinMarketCap data. Read full here

ED summons crypto exchanges; startup valuations drop sharply

The Enforcement Directorate (ED) has issued notices to a few crypto firms and summoned their top executives as it probes alleged violations of India’s foreign exchange laws. The agency has sought more details and documents from crypto firms as part of its ongoing probe into alleged violations of foreign exchange laws, if any, by these firms. ED has sent out notices to cryptocurrency exchanges seeking information under the Foreign Exchange Management Act (FEMA). Read details here

Crypto crash: ‘Market tourists’ have been purged, says Glassnode

Bitcoin’s activity is firmly in bear market territory after recording one of the worst monthly price performances in its history. The 37.9 percent price fall in June competes only with the 2011 bear market for the crown of the worst month on record, according to blockchain analytics firm Glassnode. The most recent network utilisation suggests an almost complete purge of “market tourists” and the only ones left standing are long-term holders, according to Glassnode’s weekly newsletter dated July 4. Bitcoin prices consolidated this week, maintaining a steady trading range around $20,000, which was the all-time-high in 2017. Take a look

Crypto Conversations: Decoding the recent spate of crypto firms pausing withdrawals

Against a backdrop of declining cryptocurrency prices and increasing customer withdrawals, the Singapore-based crypto firm Vauld joined an increasing list of crypto-based entities halting withdrawals and even trading, with the company admitting, on July 4, to be facing financial challenges brought upon by the existing volatile market conditions. Read more here