Top cryptocurrency news on June 12: Crypto market in red; Bitcoin, Ethereum slump big, CEA echoes RBI’s advice and more

Market Buzz

Bitcoin trading at Rs 23 lakh
Cryptocurrencies traded in the red early today on June 12. The global crypto market cap is $1.13 trillion, a 5.09 percent decrease over the last day. The total crypto market volume over the last 24 hours is $71.55 billion, which makes a 6.14 percent increase. The total volume in DeFi is $6.08 billion, 8.50 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $60.71 billion, which is 84.84 percent of the total crypto market 24-hour volume. The price of Bitcoin is currently Rs 23 lakh, with a dominance of 47.66 percent. This was a 0.98 percent increase over the day, according to data from CoinMarketCap.

Big Story

CEA advisor echoes central bank: Crypto and DeFi are regulatory arbitrage, not financial innovation
Chief Economic Adviser V Anantha Nageswaran has said crypto and decentralised financial instruments seem to be a case of regulatory arbitrage rather than financial innovation. “Decentralised finance… I would reserve judgment on whether it is truly innovative, or truly disruptive in a positive sense, or is it something that we would come to regret,” he said. “Much of what is happening in the space of cryptos or decentralised finance – and I completely endorse what Dy RBI Guv Rabi Sankar, has been saying – as of now they do appear to be a case of regulatory arbitrage rather than a case of true financial innovation in my opinion.” Sankar has been critical of private cryptocurrencies over the last year or so and called for more scepticism when it comes to these technologies. Read details here

Regulatory Watch

Crypto regulation efforts need to keep pace with market growth, says Bank of Canada official
Noting that the number of Canadians who own crypto assets is growing rapidly and many people may not understand the risk of investing in products like Bitcoin, Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters that crypto regulation efforts need to keep pace with market growth. “This is an area that is still small, but it’s growing really rapidly. And it is largely unregulated. We don’t want to wait until it gets a lot larger before we bring regulatory controls in place,” Rogers said. The issue is growing more pressing as crypto assets become integrated into Canada’s financial system, increasing the risk that crypto shocks – like the recent price plunge – could end up hitting the broader financial system. (Reuters)

Corporate Watch

BGC Partners plans crypto exchange by Q1 2023, says CEO
Wholesale brokerage BGC Partners Inc is building a cryptocurrency exchange that will compete against digital asset exchanges like FTX and Binance, Chief Executive Officer Howard Lutnick said, Reuters reported. The exchange will be ready for operation by the first quarter of 2023, he told a financial industry conference in New York held by Piper Sandler. (Reuters)