The global cryptocurrency markets are hammered by deteriorating economic conditions. On June 17 major crypto tokens were trading in deep red.
Bitcoin was trading at $20,667, down nearly 8 percent and Ether was trading at $1,093, fell nearly 9 percent according to Coindesk data at 11:00 IST.
Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Dogecoin traded 5% lower at $0.05, Stellar was 3 percent lower at $0.113, Polkadot was 9 percent lower to trade at $7.31 whereas Shiba Inu also fell 3.76% to $0.000008.
The market cap of the global cryptocurrency market was trading at $888 billion, dropping 7 percent in the last 24 hours. However, total cryptocurrency trading volumes plunged about 40 percent to $75.53 billion according to CoinMarketCap data.
In the crypto universe, one sad news is usually followed by an unhappy news. A number of crypto firms are feeling the crunch of a market crash and reducing their employee headcount to cope but others are still expanding and hiring fresh talent.
Meanwhile, an investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit Thursday against the billionaire and his companies Tesla and SpaceX.
Surabhi Sahni, CEO and Founder at BridgeGaps, says “With Bitcoin, the oldest and one of the most sought after cryptocurrency wobbling its way through the crashing markets, most cryptocurrencies will not last to see the end game. The age of crypto pump-and-dump has come to an end; investors now need to see actual value in your cryptocurrency for them to invest.”
The only cryptocurrencies that can help the market stand back on its feet will be the ones which will have security and scalability weaved into its core, along with use cases that can solve major web3 problems.
We can see the market coming back with a bang only when people, organisations and governments invest and believe in this problem-solving new age technology, she added.