The crypto market, over the last weekend of June, managed to hold its positions without roping-in any substantial gains or losses. Bitcoin on Monday, June 27, opened with a price dip of 0.87 percent. For now, the oldest cryptocurrency is trading at $22,560 (roughly Rs. 17 lakh) on Indian exchange CoinSwitch Kuber. Bitcoin saw slightly bigger losses on global exchanges. As per Coinbase and Binance for instance, Bitcoin prices slipped by 1.15 percent, keeping its value low at around $21,155 (roughly Rs. 16.5 lakh) on the international scale.
Ether plodded alongside Bitcoin on the loss-trail, registering losses of around 0.87 percent. According to Gadgets 360’s crypto price tracker, the price of Ether is currently around $1,297 (roughly Rs. 1 lakh).
“Bitcoin has been building momentum over the weekend. It went down by 1.46 percent over the past 24 hours. Despite today’s minor decline, BTC remains above the mark of $20,000 (roughly Rs. 15 lakh). Since the market is still going through a recovery phase, there is volatility in the prices,” Edul Patel, CEO and Co-founder, crypto investment firm Mudrex told Gadgets 360.
Majority of other cryptocurrencies found themselves on the loss-side of the price charts, with the top two assets being impacted with losses.
Popular altcoins such as Binance Coin, Cardano, Solana, Polkadot, and Avalanche witnessed dips.
The movement of stablecoins also observed fluctuations.
While, Binance USD was hit with losses, profits touched Tether and USD Coin.
Dogecoin, Tron, Uniswap, and Monero tailed Tether and USD Coin to register small, but significant gains.
Overall, the market cap of the crypto sector, at present, stands at $954 billion (roughly Rs. 74,76,660 crore), data by CoinMarketCap showed.
“Bitcoin is holding strong as the International Monetary Fund expects the US economy to ‘narrowly avoid’ recession this year and the next. US stocks also made a notable snapback after three weeks of losses following the forecast, showcasing a narrowing relationship between DeFi and TradFi and a possible indication of the maturing digital asset sector,” the research team at CoinDCX told Gadgets 360, commenting on the market situation.
Meanwhile, other deals in the crypto industry are keeping the industrial motor running now when trading has taken a back seat.
Cryptocurrency exchange FTX is in talks to acquire a stake in crypto lender BlockFi, which is a crypto-backed platform offering financial products and services.
Binance crypto exchange also made it to the headlines for cracking an exclusive partnership with Portuguese football superstar Cristiano Ronaldo to launch a collection of non-fungible tokens (NFTs).
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