Cryptocurrency Tracker: Markets Face Massive Decline in Trading Volume, Bitcoin Holds Above $20,500

The crypto market continues to face cold sentiment from investors. On Saturday, there was a massive drop in trading volume that pushed the crypto market cap below $925 billion. The sell-off comes after crypto exchange C voluntarily filed for bankruptcy due to illiquidity. Currently, cryptocurrency exchanges are grappling with liquidity decline and that has resulted in withdrawals and other mechanisms for investors. The market leader, Bitcoin trades above $20,500, followed by its counterpart Ethereum which is slightly above the $1,200 mark.

Both Bitcoin and Ethereum is currently trading slightly higher. According to CoinMarket data, Bitcoin is performing at $20,655.68 with a market cap of $394.33 billion, while Ether is around $1,201.73 with a valuation of $145.88 billion.

Bitcoin dominance was flat around 42.56% from the previous day.

Bitcoin is down almost 5% weekly and Ether’s weekly drop is around 1.5%.

The overall crypto market capitalization is $926.32 billion, down 1.10% from the previous day. In terms of volume, the market now records trades at $55.47 billion, 38.76% lower in the last 24 hours. The total volume in DeFi is currently $5.33 billion, 9.61% of the total 24-hour crypto market volume. The volume of all stablecoins is currently $50.87 billion, representing 91.71% of the total 24-hour volume of the crypto market.

In 24 hours, the top performing cryptocurrencies are – Serum up 7.5%, Algorand up 4.4%, Monero XMR up 4.3%, Sythetix SN up over 3.9% and Zcash up 2 ,9%. In contrast, the top underperforming cryptocurrencies are – Quantity is down 9.75%, Convex Finance is down over 8.5%, THORChain is down 7.3%, TerraClassicUSD (USTC) is down 7% and Compound is down. more than 6%.

Among the top 24 hour trending cryptocurrencies is Terra Classic (LUNC) down 6.2% at $0.001029, Poison at $0.7572 down 4.62%, Bitcoin below 0.94%, Polygon (MATIC) at $0.6937 down slightly, and CEEK VR at $0.2866 down 19.9%.

Celsius had surged the previous day after the company voluntarily went bankrupt. Celsius halted withdrawals in June due to heavy losses arising from the deep downturn of the crypto market due to macroeconomic uncertainties. Among the negative factors, Celsius points to crypto exchanges as the demise of Terra LUNA (“Luna”) and its stablecoin TerraUSD (UST) (“UST”) – as it accelerates startups beginning of the “crypto winter” and the entire industry selling off in 2022.

As of July 13, 2022, Celsius’ liabilities are approximately $5.5 billion and assets are valued at around $4.31 billion. As a result, the company ran a $1.19 billion deficit on its balance sheet. But Celsius has also announced that it has ample liquidity with $167 million in cash to support operations.

Many other crypto exchanges have halted their withdrawals such as Binance, CoinFlex, Vauld, and Voyager Digital among others. The sharp sell-off in the crypto market has also led to the liquidation of hedge funds like Three Capital Arrows (3AC).

Notably, Celsius’s bust occurred when the value of mining rigs was dwindling with Bitcoin’s price during a sharp downturn.

A latest Bloomberg report says industry observers have speculated that the mining business could be sold as a way to raise cash since Celsius stopped withdrawing investors’ funds. last month. Aside from any bankruptcy-related complications that may now arise, offloading the rigs can be problematic. Matthew Kimmell, digital asset analyst at CoinShares said that the sale of mining machines in Celsius will add further downward pressure on already declining prices.

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