Due to significant retail selloffs by well-known brands in the cryptocurrency markets, the market price of Bitcoin dropped to $60,300 on Wednesday. The worldwide cryptocurrency market cap decreased by 3.48% to $2.23 trillion throughout the course of the day due to selloffs, while transaction volume increased to $67.31 billion.
As of this writing, $4.62 billion worth of DeFi has been exchanged, making up 6.86% of the 24-hour volume of the whole cryptocurrency market. Furthermore, the stable coin volume, which came in at $62.72 billion, made up 93.18% of the 24-hour total volume of the cryptocurrency market.
The majority of significant digital assets had mixed results on Tuesday, with bitcoin (BTC-USD) falling below $62,000. Over the last day, the 192 digital assets tracked by the CoinDesk Market Index had a 1.9% decrease.
At the same time, the NASDAQ rose 0.8%, the S&P 500 climbed 0.5% and the Dow Jones Industrial Average advanced 0.4%. Bitcoin (BTC-USD), the largest cryptocurrency by market value dropped to $61,833 late evening in the market, while trading volume declined 24% to $20.66 billion.
Ethereum (ETH-USD), the second-largest digital asset, dropped to $3,414. On Wednesday, the bearish play in the crypto market dragged the Ethereum asset to $3,300, losing about 3.5% in the last 24 hours.
BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, fell 0.7%, while Solana (SOL-USD), the fourth-largest, climbed 3.8%. XRP (XRP-USD) rose 1.2%, Cardano (ADA-USD) gained 3.3% and Toncoin (TON-USD) climbed 4.6%, while Dogecoin (DOGE-USD) shed 0.6%.
Bitcoin had rebounded to $63,000 before it relapsed again. The orange token wrapped up a strong first half, notching a 42% increase since its first deal back in January. Early in January, the US Securities and Exchange Commission approved the 11 investment vehicles that hold genuine Bitcoin.
