The trading price of Bitcoin on Monday, June 12, hovered over the mark of $25,765 (roughly Rs. 21 lakh), continuing to be on its loss-ridden spree for the second week this month. Over the last 24 hours, BTC incurred a minor loss of 0.06 percent before it reached its current trading value on both national as well as international exchanges. Between Friday and Monday, Bitcoin has slipped by $650 (roughly Rs. 53,600). The overall crypto market did, however, observe a brisk selling pressure over the weekend.
Ether tailed behind Bitcoin on the loss-making side of Gadgets 360’s crypto price chart. Ether is currently trading at $1,729 (roughly Rs. 1.42 lakh) after recording a loss of 1.04 percent.
“Amidst regulatory challenges and liquidity issues in the market, BTC and ETH have shown a strong resilience. BTC’s dominance is nearing the 50 percent mark for the first time since April 2021. This is happening at the backdrop of selling pressure within altcoins, particularly those mentioned in the SEC lawsuit, including SOL, ADA and MATIC,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
A plethora of altcoins recorded a slowdown in market movement, impacted by the top two cryptocurrencies seeing losses.
These include Tether, Binance Coin, Dogecoin, Solana, Litecoin, Polkadot, and Binance USD.
Wrapped Bitcoin, Avalanche, Shiba Inu, Chainlink, and Uniswap also recorded losses on Monday.
The valuation of the crypto sector dropped by 0.09 percent in the last 24 hours to sit at the mark of $1.05 trillion (roughly Rs. 86,40,520 crore), data by CoinMarketCap showed.
“The crypto fear and greed index has maintained its position in the neutral zone since yesterday with a score of 47 points. This could be attributed to the ongoing lawsuits by the SEC against Binance and Coinbase, which has led to a mass exodus of deposits in these exchanges,” Chaturvedi added.
Ripple, Cardano, Tron, and Polygon, meanwhile, managed to record small profits.
Leo, Cosmos, Stellar, Bitcoin Cash, and Cronos also managed to retain profits on the crypto price charts.
“Liquidity woes have worsened with institutional investors, especially US market makers exiting due to SEC scrutiny,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
In other news, builder activity and subsequent funding in blockchain-related projects continue.
Gensyn, a company that provides blockchain-based computing resources for Artificial Intelligence (AI) platforms, for instance, has raised $43 million (roughly Rs. 354 crore) in Series A funding round led by a16z.
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.
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