Cryptocurrency Prices Today June 2: Bitcoin and Ethereum fall sharply
Major cryptocurrencies traded in the red early on June 2 as the global crypto market cap dropped 5.78 percent to $1.24 trillion over the last day. Total crypto market volume over the last 24 hours decreased 12.10 percent to $97.43 billion.
Total volume in DeFi stood at $7.68 billion, 7.88 percent of the total crypto market 24 hour volume. The volume of all stable coins was $83.73 billion, which is 85.94 percent of the total crypto market 24 hour volume.
Bitcoin is currently trading above Rs 24 lakh. The market dominance of the world's largest cryptocurrency decreased by 0.32 percent to 46.01 percent over the last day, according to data from CoinMarketCap.
After Terra Luna's collapse, which erased $40 billion worth of investors' money, the UK government has released a consultation paper on stablecoins to address financial stability issues. To solicit stakeholder perspectives on the UK regulatory approach to crypto assets and stablecoins in January 2021, the Treasury issued the consultation paper and called for evidence.
In other news, Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co, described the challenges facing the US economy akin to a "hurricane" down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world's biggest economy into a recession.
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