Bitcoin on Tuesday, June 13, recorded a minor profit of 0.91 percent as it entered into the trading arena of the volatile crypto market. Bitcoin is presently trading at the price point of $26,012 (roughly Rs. 21.4 lakh), on both national as well as international exchanges. In the last 24 hours, the oldest cryptocurrency rose by $247 (roughly Rs. 20,365). With BTC managing to see gains, the overall crypto market seems out of the loss-ridden zone.
Ether reeled in a gain of 0.54 percent to trade at $1,745 (roughly Rs. 1.43 lakh). The second-most valued cryptocurrency after Bitcoin, ETH’s price grew by $16 (roughly Rs. 1,319). It is, however, noteworthy that ETH’s current trading value is its lowest since February when it was trading at $1,684 (roughly Rs. 1.39 lakh).
“Despite facing regulatory hurdles and liquidity issues, the performance of Bitcoin has remained remarkably robust. Bitcoin’s support level at $25,000 (roughly Rs. 20 lakh) has proven to be quite resilient, holding up reasonably well in the face of market fluctuations,” the research team at CoinDCX told Gadgets 360.
Following a conventional market trail, most cryptocurrencies that had been trading in losses in recent days, reflected recoveries on Tuesday after BTC and ETH recorded profits.
Despite Binance being under the SEC’s scanner in the US, Binance Coin managed to mint a bigger gain than BTC and ETH. At the time of writing, BNB was trading at $232 (roughly Rs. 19,140) with a gain of 2.5 percent.
Ripple, Cardano, Dogecoin, Tron, Solana, and Polygon reflected profits on the crypto price chart by Gadgets 360.
Litecoin, Polkadot, Wrapped Bitcoin, Avalanche, and Shiba Inu also minted small profits.
The overall crypto market cap went up by 0.87 percent in the last 24 hours. As of June 13, the crypto sector valuation stands at $1.06 trillion (roughly Rs. 8720946 crore), as per CoinMarketCap.
“The top ten cryptos by market capitalisation seem to be trading in the green, with TRX (+3.2%) replacing SOL (+2.0 percent) for the 10th position. BTC continues to trade above the crucial support of $25,000 (roughly Rs. 20 lakh), even as bears take over altcoins. ETH continues to trade above $1,745. Meanwhile, MATIC (+3.6 percent) has shown some strength as it announced its V2 plans amidst selling pressure from various US brokers,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.
The few cryptocurrencies that recorded losses included Tether, USD Coin, and Binance USD.
Leo, Bitcoin Cash, Cronos, and Braintrust also recorded small losses on Tuesday.
The days to come could bring more volatility to the digital assets sector, experts say.
“Investors eagerly anticipate the May CPI and the Federal Reserve’s interest rate decision due to SEC lawsuits against crypto exchanges, concerns about inflation, and upcoming economic indicators,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
The fear and greed index however has re-entered the fear zone after a fall of two points from yesterday — currently positioned at 45 points, which indicates at an approaching bear market situation.
The ongoing battle between the SEC and crypto players Binance and Coinbase is likely to intensify in the coming days, direct impacts of which will be seen on the crypto sector.
“We can still expect markets to show volatility during the week due to multiple expected developments, from US CPI data, SEC’s Coinbase rulemaking response, and Binance US hearing slated for today, to FOMC meeting, US Jobless Claims and more slated for later in the week,” CoinSwitch’s Hudda added.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
