The crypto market appears to have been moving sideways for the past 24 hours as most cryptocurrencies suffered losses on Friday, June 9th. Bitcoin price is down 0.14 percent, taking its trading value to $26,416 (about 21 lakh rupees). . Over the past 24 hours, the most expensive cryptocurrency has seen its price surge by $137 (about Rs 11,300) amid the ongoing market volatility. The US Securities and Exchange Commission’s lawsuit against Coinbase and Binance, as well as the possible possibility of a crackdown on stablecoins, is raising concerns among stakeholders about the price movements of major tokens.
etherdown 0.03 percent, followed suit Bitcoin when trading on the lower side of the price chart. At the time of writing, ETH is valued at $1,835 (roughly 1.5 lakh rupees) with no change from the last day’s trading price.
“BTC continues to hold its ground around $26,500 (roughly Rs. 21 lakh rupees) despite the events surrounding the SEC lawsuits and the upcoming Fed monetary policy decision due next week. Ether and most tokens, which the SEC has specifically designated as “unregistered securities,” are trading in the red and selling pressure on them appears to be easing,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Binance coin, Cardano, Solana, Litecoin, Speckle, avalancheAnd Wrapped Bitcoin – all registered losses besides bitcoin and ether.
There were losses too cosmos, chain link, Monero, StellarAnd Bitcoin cash.
The overall valuation of the crypto market remains unchanged at the $1.1 trillion mark (roughly 90,75,336 crore). CoinMarketCap.
The crypto fear and greed index continues to hold yesterday’s position right in the middle of the scale at 50 points. The index has been “neutral” around the 53 level for over a month, suggesting activity in the industry has been broadly flat for at least 30 days.
Meanwhile, a small number of cryptocurrencies managed to post gains on Friday.
These include ripple, polygon, Shiba Inu, LionAnd Uniswap.
Eos Coin, Elrond, aave, NEO coinAnd Zcash also retained earnings in price chart.
“Aside from the initial shock of the crackdown, the DeFi ecosystem has been able to ignore the impact of the SEC’s anti-crypto movement. However, a price correction in the coming days cannot be ruled out as the regulatory landscape remains uncertain,” WazirX Vice President Rajagopal Menon told Gadgets 360.
Meanwhile, on-chain data suggests that Asia has overtaken the United States in terms of active capital in the bitcoin and crypto markets.
“Recent jobs data from the US could offer some relief to crypto markets. The latest data suggests that the labor market is beginning to show positive results, in line with the FOMC’s policy path. This could increase the likelihood that the Fed will break its rate hike streak, directly impacting the market performance of all asset classes,” noted CoinSwitch Ventures’ Chaturvedi.
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