Zerodha’s Nithin Kamath Cautions Crypto Investors; Crypto Market Still In Red, Bitcoin Falls

The crypto market continued to trade with deep losses in the evening trade, too. Crypto investors have lost more than $500 million since today morning; Bitcoin, Ethereum down by 11.8, 21.4 per cent

Outlook Money Team

Updated on: 12 May 2022 5:20 pm

The bloodbath in the crypto market continued in the evening trade as well. Since 8.50 am today morning, crypto investors have lost more than $500 million as the global crypto market capitalisation went down by 15.91 per cent at $1.19 trillion as of 3.50 pm. However, the global crypto volume was up by 57.26 per cent to $253.56 billion, as per Coinmarketcap data.

In other development, Nithin Kamath, the CEO of Zerodha, India’s largest stock broker by volume, has cautioned via a Tweet about crypto exchange Coinbase filing with the US Securities and Exchange Commission (SEC).

He said that if Coinbase goes bankrupt, then the customers’ assets would be at risk.

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“Indian crypto investors on exchanges also need to be aware of this. Unlike the stock market where stocks are held in demat with a depository & have no broker risk, crypto with exchanges carry a risk,” read his tweet post.
https://twitter.com/Nithin0dha/status/1524400421745623041?s=20&t=pyEHLo6DOCSHdY2gWFRkGw

Cryptocurrency Prices

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $27,856.53, lower by 11.8 per cent in the last 24 hours. Ethereum (ETH) crashed by 21.4 per cent to $1,903.58.

Among other major coins, Cardano (ADA) was down by 31.06 per cent at $0.4464, while Algorand (ALGO) was trading with a loss of 28.85 per cent at $0.3856, and Binance Coin (BNB) was down by 19.19 per cent at $252.72. Solana (SOL) was trading at a loss of 33.86 per cent at $43.24, and Polkadot (DOT) was down by 27 per cent at $8.01.

Today’s top gainer was MetaPay (METAPAY), which was up by 485.5 per cent at $0.000003195. The top loser was DragonKnight (DK), which was down by 99.61 per cent at $0.04275.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 29.66 per cent at $0.07572. Its volume to market cap ratio stands at 0.3254. Rival Shiba Inu (SHIB) was down by 33.75 per cent at $0.00001045.

Dogelon Mars (ELON) lost 41.3 per cent to trade at $0.0000004114, while Floki Inu (FLOKI) lost 35.12 per cent at $0.000006715, and Samoyed Coin (SAMO) was down by 38.99 cent at $0.005701.

In the DeFi segment, YFI (yearn. finance) was down by 30.12 per cent at $9,927.02. Terra (LUNA) was trading with a loss of 98.25 per cent at $0.07028, Avalanche (AVAX) lost 31.43 per cent at $27.95, while Uniswap (UNI) was down by 26.56 per cent to trade at $4.36. Aave (AAVE) was trading at a loss of 33.55 per cent at $71.16.