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The cryptocurrency market capitalisation has crashed below $1 trillion for the first time since January last year amid extreme market conditions.

According to the data provided by Coinmarketcap, the global crypto market cap is at $983.72 billion, a 11.23% decrease over the last day.

The total cryptocurrency market volume over the last 24 hours is $123.04 billion, which makes a 44.78% increase. The total volume in DeFi is currently $9.24 billion, 7.51% of the total crypto market 24-hour volume. The volume of all stable coins is now $110.01 billion, which is 89.41% of the total crypto market 24-hour volume.

The largest cryptocurrency, bitcoin, was down more than 9% on the day, falling to an 18-month low of $23,950.

Ether fell as much as 9% to $1,342.32. Other cryptocurrency coins including Cardano, Dogecoin, Polkadot and Avalanche were also in the red.

Markets under pressure

Crypto markets have come under pressure alongside stocks and other assets in financial markets amid rising interest rates and surging inflation. The collapse in May of the so-called stablecoin terraUSD and its sister token luna has also shaken the crypto industry.

The largest cryptocurrency bitcoin fell further after Celsius Network froze withdrawals, dropping more than 7.8% to $24,502, its lowest since December 2020.

In a blog post, the company said it had frozen withdrawals, as well as transfers between accounts, "to stabilise liquidity and operations while we take steps to preserve and protect assets."

"We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations."

Major investors and venture capital firms bet heavily last year on the crypto lending sector.

Traders are boosting bets for a more aggressive pace of Federal Reserve tightening after Friday's data showed US inflation jumped to a fresh 40-year high in May. This triggered a selloff in risk assets including crypto and stocks.

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