The cryptocurrency market was further spooked with the US inflation rate hitting a 40-year high of 8.6% and falling on Monday.
The global crypto market capitalization crashed 6.63% to $1.04 trillion as of 8:50 a.m. However, global crypto volume due to increased liquidations increased by 28.47% to $94.06 billion, according to data from Coinmarketcap.
Meanwhile, Zerodha founder Nithin Kamath said the introduction of the crypto tax from April 1, 2022 indirectly saved investors who would have bought the crypto price drop to see their losses s worsen in the months to come.
One of the main causes of wealth destruction for stock market investors is buying on the downside, that is, investors trying to drive down the average of a falling stock. “I think many Indian crypto investors accidentally got lucky due to TDS and Tax on Crypto announcing this budget in February. Activity and attendance dropped significantly immediately. Otherwise, many could have been tricked into trying to buy the dip and then lower the average,” Kamath said in a social media post.
I think many Indian crypto investors accidentally got lucky due to TDS and Tax on Crypto announcing this budget in February. Activity and attendance dropped significantly immediately. Otherwise, many could have been tricked into trying to buy the dip and then lower the average. 1/3 pic.twitter.com/4SKmo8cvKx
— Nithin Kamath (@Nithin0dha) June 11, 2022
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $25,747.64, down 7.82% in the past 24 hours. Ethereum (ETH) fell 8.04% to $1,357.26.
Among other major coins, Cardano (ADA) was down 9.61% at $0.4691, Algorand (ALGO) was trading with a loss of 8.94% at $0.3032, Solana (SOL) was trading with a loss of 10.5% to $29.00, Polkadot (DOT) was down 7.95% to $7.05, and Binance Coin (BNB) was down 7.64% to $238.
Today’s top gainer was United Bitcoin (UBTC), which rose 454.61% to $0.1765. The big loser was METALANDZ ($METAZ), which lost 63.54% to $0.00000006271.
Meme Coin and DeFi prices
Dogecoin (DOGE) fell 7.58% to $0.06042. Its volume to market capitalization ratio is 0.1076. Rival Shiba Inu (SHIB) was down 7.82% at $0.000008175.
Dogelon Mars (ELON) lost 10.9% to trade at $0.0000003029, Floki Inu (FLOKI) lost 10.72% to $0.000005416 and Samoyed Coin (SAMO) lost 6.43% to $0.004691.
In the DeFi segment, YFI (yearn.finance) was down 10.11% at $5,432.89, and Terra Classic (LUC) was trading with a 2.58% gain at $0.00006807. Avalanche (AVAX) was down 15.48% at $15.81, Uniswap (UNI) traded with a loss of 10.62% at $3.74 and Aave (AAVE) fell 10.14% at $65.06.