Cryptocurrency Prices Today June 11: Bitcoin down over 2%, Cardano slumps 6.5%

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Cryptocurrencies traded in the red early on June 11. The global crypto market cap stood at $1.19 trillion, down 2.91 percent from Friday. The total crypto market volume over the last 24 hours increased 11.34 percent to $67.62 billion.

The total volume in DeFi is $5.97 billion, 8.83 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $57.31 billion, which is 84.75 percent of the total crypto market 24-hour volume.

The price of Bitcoin is Rs 24 lakh, with a dominance of 46.65 percent. This was a 0.30 percent increase over the day, according to data from CoinMarketCap.

On the domestic side, Reserve Bank of India (RBI) Governor Shaktikanta Das has again said that cryptos “pose huge financial stability risks in the economy”.

“We have already conveyed our stance (on cryptocurrencies) to the government. They pose huge risks to financial stability. The central bank will wait for the government consultation paper on cryptocurrencies to come out,” Das said at an event in Mumbai. Further, Das said that the central bank will come out with guidelines on digital lending “soon”.

The RBI has been cautioning investors regarding trading in cryptocurrencies amid the ongoing crypto market crash. Das has repeatedly conveyed his stance that trading in cryptocurrencies involves a great deal of risk and may lead to instability in the financial market.

While on the corporate side, payments giant Mastercard has tied up with a raft of crypto marketplaces to allow its cardholders to pay for the purchase of Non-Fungible Tokens (NFTs).

Mastercard is working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.

“We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ marketplaces or using their crypto services. With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem. Buy the NFTs you want on the marketplace of your choice. No need to buy crypto first,” Raj Dhamodaran, executive vice president at Mastercard, wrote in a blog post.

As off 7.50 am on June 11, these are the prices of largest cryptocurrencies (data from WazirX):

Bitcoin 24,02,180 -2.24%
Ethereum 1,37,179 -5.76%
Tether 81.97 0.22%
Cardano 47.8214 -6.5%
Binance Coin 23,503.10 -0.54%
XRP 31.4789 -3.43%
Polkadot 715 -5.79%
Dogecoin 6.2100 -3.81%

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