The majority of cryptocurrencies saw gains early on July 8 as the market valuation of all cryptocurrencies grew by 5.53 percent to USD973.47 billion over the previous day. On the other hand, over the past 24 hours, the total volume of the crypto market increased by 9.54 percent to USD62.98 billion.

DeFi's 24-hour volume was USD5.98 billion, or 9.49 percent, of the overall volume of the cryptocurrency market. All stablecoins combined had a volume of USD56.28 billion, or 89.35% of the 24-hour volume of the whole crypto market.

Bitcoin, the biggest cryptocurrency in the world, was trading for Rs 17.27 lakh. According to data from CoinMarketCap, its market share decreased somewhat during the past day, falling from 43.35 percent to 0.94 percent.

Since U.S.-based lender Celsius Network this month said it would restrict withdrawals, Bitcoin and Ether have struggled. The apparent collapse of cryptocurrency hedge fund Three Arrows Capital, which a person with knowledge of the situation told Reuters had entered liquidation, further roiled the cryptocurrency market.

The spectacular collapse of so-called stablecoin TerraUSD in May, which resulted in the stablecoin and its linked token losing nearly all of their value, can be blamed for many of the industry's current issues.

Crypto losses up 52pc to reach USD670 mn in Q2 globally

Americans lost USD185 mn to crypto romance scams in just 3 months

EU lawmakers finalize rules for tracing transfers of crypto-assets