Top Cryptocurrency News Today: The biggest moves in crypto market, bitcoin, and more

The global crypto market-cap rose 2 percent to $954.90 billion over the last 24 hours. The total crypto market volume rose 4.04 percent to $64.51 billion during the period. The total volume in DeFi stood at $6.97 billion, 10.81 percent of the total crypto market's 24-hour volume. Bitcoin hovered around Rs 17 lakh, with a dominance of 42.52 percent. This was a 0.47 percent decrease over the previous day, data from CoinMarketCap shows. Read more here.

Cryptocurrency prices are plummeting. A so-called stablecoin lost all its value in a matter of days. A new-fangled crypto bank halted withdrawals and investors have been plunged into financial ruin. Now the crypto industry is grappling with an even grimmer prospect: the worst may be yet to come. Concern is mounting over another potential vulnerability in the crypto market: Tether, a company whose namesake currency is a linchpin of crypto trading worldwide. Read more here.

As crypto winter sets in, Web3 companies are finding themselves in the difficult position of cutting staff. During a company call, Vienna, Austria-based Bitpanda announced that it would be reducing its headcount from 1,000 employees to 730. “We are committed to Bitpanda’s mission, therefore we need to take decisive actions now,” the company said in a blog post. “The implications hurt: we need to let part of our team go and scale down to a target organizational size of about 730 people.” Read here.

Six months after Yuga Labs first responded to accusations that its NFT collection, the Bored Ape Yacht Club, contained racist imagery, its founders have published a blog post addressing the issue. “We’ve become the target of a crazy disinformation campaign accusing us—a group of Jewish, Turkish, Pakistani, and Cuban friends—of being super-secret Nazis,” Yuga Labs co-founder Gordon Goner (whose real name is Wylie Aronow) wrote on June 24. Read more here.