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

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. 

“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.


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. 



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