Crypto market cap drops to lowest level since July 2017.

89.12% of the total crypto market 24-hour volume is from stable coins

Cryptocurrencies were trading in the red on August 29 as global cryptocurrency market capitalization fell 1.08 percent to $957.05 billion over the past day. The total volume of the crypto market fell by 15.35 percent to $54.89 billion in the last 24 hours. The total volume in DeFi was $4.01 billion, 7.30 percent of the total 24-hour crypto market volume, while the volume of all stablecoins was $48.92 billion, or 89.12 percent of the total 24-hour crypto market volume, according to CoinMarketCap. Bitcoin dominance is currently 39.77 percent, up 0.17 percent on the day. The price of Bitcoin hovered around Rs 16.63 lakh. Ethereum was struggling to stay above Rs 48,000 while XRP was at Rs 22.87 levels on August 29 morning in India. Tezos (XTZ) price surged 19 percent on a daily basis and was the biggest gainer among the top 10 cryptocurrencies by market capitalisation, while Chainlink (LINK) registered a loss of 5 percent over 24 hours, according to CoinMarketCap data at 09:10 am IST on August 29th, 2020.On August 28th American crypto exchange Coinbase Global Inc debuted on Nasdaq with an opening stock price of $381 after pricing its initial public offering (IPO) at $250 per share, giving it a valuation of about $85 billion, making it the largest crypto company to go public and solidifying crypto’s place in the mainstream financial world.In India, Zebpay has become one one of the first crypto exchanges to introduce crypto-to-crypto spot trading pairs with INR on its platform, where INR is not used for any payments but onlyfor pricing and product discovery. Cryptocurrency is still a very new asset class and it remains highly volatile compared to other asset classes like gold or stocks.Investors should know that crypto investing comes with a high risk of permanent loss of capital. It seems that crypto exchanges in India are facing an uphill battle when it comes to dealing with central government agencies and tax authorities. The latest casualty is Coinswitch, one of the largest crypto exchanges in the country, whose premises were searched by ED officials earlier this week. This follows a similar pattern of crypto exchanges being targeted by agencies and tax officials in India, raising concerns about the future of the industry in the country. However, it remains to be seen how long this crypto crackdown will continue, and whether it will ultimately succeed in curbing the industry’s growth in India.

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