Cryptocurrency Prices Today June 16: Bitcoin trades over Rs 18 lakh, Cardano, Polkadot top gainers

moneycontrol.com:

Major cryptocurrencies traded in the green early on June 16 as the global crypto market cap increased 2.23 per cent to $966.22 billion over the last day.

On the other hand, the total crypto market volume climbed to $127.80 billion.

The total volume in DeFi stood at $9.43B billion, a 7.38% of the total crypto volume in the last 24-hour.

The volume of all stable coins was $111.33B billion, which is 87.11 per cent of the total crypto market's 24-hour volume.

The price of Bitcoin hovered over Rs 18 lakh, up by 0.32 per cent with a dominance of 44.47 per cent.

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The digital currency sector has been badly hit this week after Celsius froze withdrawals and transfers between accounts, stoking fears of contagion in markets shaken by the demise of the terraUSD and luna tokens last month, the report added.

Cryptocurrencies were buoyed as the S&P 500 rallied after a policy announcement by the Fed to raise interest rates, snapping a five-session losing skid, the Reuters reported.

The Fed raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994. Crypto funds saw outflows of $102 million last week, according to digital asset manager CoinShares, citing investors' anticipation of tighter central bank policy, the report added.