The bloodbath continued in the cryptocurrency market on Tuesday and major coins recorded huge losses. Both Bitcoin (BTC) and Ethereum (ETH) fell about 15 per cent. Meanwhile, the overall crypto market cap tanked below the $1 trillion mark.
The world’s largest crypto exchange, Binance, paused Bitcoin withdrawals because of severe network congestion. Their team suggested users use BTC-BNB or BTC-ETH trading pairs to exchange their Bitcoin and withdraw until they fix the problem.
“Binance has temporarily paused Bitcoin withdrawals on the $BTC network. Meanwhile, you can still withdraw BTC on other networks,” read a Tweet post by Binance.
We were repairing several minor hardware failures on wallet consolidation nodes earlier today, which caused the earlier transactions that were pending to be broadcast to the network after the nodes were repaired.
— Binance (@binance) June 13, 2022
Meanwhile, Edward Snowden, former computer intelligence consultant who leaked highly classified information from the National Security Agency (NSA) in 2013, said that he believes cryptos are better suited for payments and not investments.
He said in an interview with Forbes, “I use Bitcoin to use it. In 2013, Bitcoin was what I used to pay for the servers pseudonymously. Generally I don’t encourage people to put their money in cryptocurrencies as a technology and this is what distances me from a lot of people in the community.”
Cryptocurrency Market Update
The global crypto market capitalisation crashed by 12.03 per cent to $1.24 trillion as of 8.50 am. However, the global crypto volume was up by 65.36 per cent to $153.81 billion, as per Coinmarketcap data.
Coins: Bitcoin, the world’s oldest cryptocurrency, was trading at $21,510.86, lower by a massive 15.22 per cent in the last 24 hours. Ethereum was down by 14.99 per cent to $1,121.19.
Among other significant coins, Cardano (ADA) was down by 1.28 per cent at $0.4553; Algorand (ALGO) was trading with a loss of 4.25 per cent at $0.2886, Solana (SOL) was trading with a loss of 5.29 per cent at $26.79, Binance Coin (BNB) was down by 11.81 per cent at $208.15 and Polkadot (DOT) was up by 0.61 per cent at $7.11.
Today’s top gainer was Maya Preferred (MAYP), which was up by 115.74 per cent at $16,769.10. The top loser was Teloscoin (TELOS), which was down by 98.76 per cent at $0.001948.
Gold is just bitcoin that can’t be sent over the internet.
— Edward Snowden (@Snowden) June 11, 2022
Meme Coin And DeFi Prices: Dogecoin (DOGE) was down by 11.05 per cent at $0.05303. Its volume to market cap ratio stands at 0.1964. Rival Shiba Inu (SHIB) was down by 2.73 per cent at $0.000007853.
Dogelon Mars (ELON) lost 15.35 per cent to trade at $0.0000002557, Floki Inu (FLOKI) lost 5.64 per cent at $0.000005151, and Samoyed Coin (SAMO) lost 9.34 per cent at $0.004163.
In the DeFi segment, YFI (yearn.finance) was down by 12.9 per cent at $4,693.01, and Terra Classic (LUNC) was trading with a loss of 14.92 per cent at $0.00005865. Avalanche (AVAX) was down by 2.21 per cent at $15.66, Uniswap (UNI) was trading with a loss of 6.35 per cent at $3.50, and Aave (AAVE) fell by 13.36 per cent at $56.04.