Crypto Market Cap Plunges 1.79% to $3.39T amid Rising Inflation Concerns

Crypto landscape is going through a dynamic shift as the top crypto assets have recorded mixed price performance amid rising inflation concerns.

Crypto landscape is going through a dynamic shift as the top crypto assets have recorded mixed price performance amid rising inflation concerns.

According to the latest data from CoinGecko, the total crypto market capitalization has dropped by 1.79% to reach $3.39T in the past 24 hours. In addition to this, the 24-hour crypto volume has dipped by 5.12% to touch $134.95B.

Among the top cryptocurrencies, flagship cryptocurrency Bitcoin (BTC) is now changing hands at $107,792.42, showing a decrease of 1.57%. Along with this, Bitcoin’s market dominance reportedly accounts for 63.2%.

Next in line is Ethereum (ETH), which is currently trading at $2,760,20, expressing a 1.17% slump in price. At the same time, the market dominance of Ethereum (ETH) stands at 9.8%.

TURBO BOME (TURBO), trumpwifhat (TRUMP), and GOUT (GOUT) are atop daily crypto gainers.

Specifically, $TURBO has seen a 774.51% increase to reach $0.000005798. after that, $TRUMP has recorded a 565.95% jump, reaching $0.07568. Subsequently, $GOUT is trading at $0.00007325 following a 589.31% rise.

DeFi TVL Sees 0.93% Plunge and NFT Sales Volume Drops by 26.07%

Displaying the same outlook as the overall crypto market, the DeFi landscape has also experienced a 0.93% decrease that has pushed its TVL to $117.949B. Hence, the top DeFi project AAVE has also slipped by 0.05%, after which its TVL has now touched $26.352B. However, when it comes to daily TVL change, Tangible has taken the 1st position with a 63871% rise in TVL over 24 hours.

Apart from that, the non-fungible token (NFT) sales volume has dropped by 26.07% to touch $18,328,224. Thus, the top NFT collection Courtyard has slumped by 38.63% in sales volume and has touched $2,889,126.

Singapore Cracks Down on Crypto and Trump Hits Japan with $19B Tariffs

Overall, the broader crypto-related developments across the globe have contributed a lot to the current downturn.

Particularly, Singapore has further tightened its grip on crypto entities by launching a crackdown against the firms operating without a license. A total of 13 crypto firms, including cryptocurrency exchange Binance, have been targeted by Singapore’s monetary authority, Bloomberg reported.

According to the reports, the Monetary Authority of Singapore (MAS) has written to these firms, warning them to cease operations immediately. At the same time, it has also urged them to apply for a license to operate in the country’s financial markets.

Earlier this year, rumors had spread quickly about Binance’s potential departure from Singapore after failing to secure a license from the MAS. However, later on, Binance’s CEO Changpeng Zhao, also known as “CZ,” shot down these rumors.

At the same time, the U.S. President Donald Trump’s notable 25% tariffs have reportedly put a massive $19B pressure on the auto manufacturing companies in Japan. As the world’s third-largest economy, Japan is now planning to file a complaint against the U.S. at the World Trade Organization (WTO).