Crypto Tracker: Markets are facing sharp declines in trading volumes, Bitcoin has over $ 20,500

Both Bitcoin and Ethereum are currently trading marginally higher. According to CoinMarket data, Bitcoin performs at $ 20,655.68 with a market value of $ 394.33 billion, while Ether is around $ 1,201.73 with a value of $ 145.88 billion.

Bitcoin’s dominance is around 42.56% flat compared to the day before.

Bitcoin has had a weekly fall of almost 5% and Ether’s weekly downside is around 1.5%.

The total market value of crypto is 926.32 billion dollars down by 1.10% on the last day. In terms of volumes, the market is currently recording transactions worth $ 55.47 billion lower by 38.76% over the last 24 hours. The total volume of DeFi is currently $ 5.33 billion, 9.61% of the total 24-hour volume for the crypto market. The volume of all stack coins is now $ 50.87 billion, which is 91.71% of the total crypto market’s 24-hour volume.

In 24 hours, the best cryptocurrencies are – Serum increases by 7.5%, Algorand increases by 4.4%, Monero XMR increases by 4.3%, Sythetix SN rises above 3.9%, and Zcash increases by 2.9% . On the contrary, the most underperforming cryptocurrencies are – Quant which falls 9.75%, Convex Finance which falls above 8.5%, THORChain-diving 7.3%, TerraClassicUSD (USTC) which falls 7%, and Compound which falls above 6%.

Among the most popular cryptocurrencies in 24 hours, Terra Classic (LUNC) is down 6.2% to $ 0.0001029, Celsius at $ 0.7572 lower by 4.62%, Bitcoin below 0.94%, Polygon (MATIC) at $ 0.6937 marginally down, and CEEK.962 no. %.

Celsius was on the rise the day before after the company voluntarily chose to go bankrupt. Celsius stopped its withdrawals in June due to large losses due to a deep depression in the crypto market due to macroeconomic uncertainty. Among the negative factors Celsius pointed out to crypto exchanges was the implosion of Terra LUNA (“Luna”) and its TerraUSD (UST) stablecoin (“UST”) – as it accelerated the beginning of a “crypto winter” and an industry-wide sell-out in 2022.

As of July 13, 2022, Celsius’ liabilities are around $ 5.5 billion, and assets are valued at around $ 4.31 billion. Thus, the company has a deficit of 1.19 billion dollars on the balance sheet. But Celsius has also announced that they have good cash with $ 167 million in cash to support operations.

Many other crypto exchanges have stopped their withdrawals, such as Binance, CoinFlex, Vauld and Voyager Digital. The steep sales in the crypto market have also led to the liquidation of hedge funds such as Three Capital Arrows (3AC).

Celsius’ bankruptcy comes especially when the value of mining rigs is nosediving with Bitcoin prices in a sharp decline.

A recent Bloomberg report stated that industry observers had speculated that the mining business could be for sale as a way to raise money since Celsius stopped investing last month. In addition to any bankruptcy-related complications that may now arise, any unloading of the rigs can prove to be troublesome. Matthew Kimmell, digital asset analyst at CoinShares, said Celsius Mining vending machines would put downward pressure on already falling machine prices.

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