Cryptocurrency Prices Today June 12: Bitcoin down 4%, Ethereum slumps 11%

moneycontrol.com:

Cryptocurrencies traded in the red early on June 12. The global crypto market cap is $1.13 trillion, a 5.09 percent decrease over the last day. The total crypto market volume over the last 24 hours is $71.55 billion, which makes a 6.14 percent increase.

The total volume in DeFi is $6.08 billion, 8.50 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $60.71 billion, which is 84.84 percent of the total crypto market 24-hour volume.

The price of Bitcoin is currently Rs 23 lakh, with a dominance of 47.66 percent. This was a 0.98 percent increase over the day, according to data from CoinMarketCap.

In domestic news, Chief Economic Adviser V Anantha Nageswaran has said crypto and decentralised financial instruments seem to be a case of regulatory arbitrage rather than financial innovation.

"Decentralised finance...I would reserve judgment on whether it is truly innovative, or truly disruptive in a positive sense, or is it something that we would come to regret," he said.

The CEA added, "Much of what is happening in the space of cryptos or decentralised finance – and I completely endorse what Dy RBI Guv Rabi Sankar, has been saying – as of now they do appear to be a case of regulatory arbitrage rather than a case of true financial innovation in my opinion."

Sankar has been critical of private cryptocurrencies over the last year or so and called for more scepticism when it comes to these technologies.

In international news, a senior Bank of Canada official said crypto regulation efforts need to keep pace with market growth.

Noting that the number of Canadians who own crypto assets is growing rapidly and many people may not understand the risk of investing in products like Bitcoin, Bank of Canada