The crypto market did not attain milestone stabilisation despite positive developments making a splash over the weekend. Bitcoin, for instance, stepped into the last week of June with a small loss of 0.29 percent. The price point for BTC, however, did manage to stay above the mark of $30,000 (roughly Rs. 24.3 lakh). At the time of writing, BTC was trading at $30,449 (roughly Rs, 24.9 lakh). Over the weekend, the most expensive cryptocurrency rose in price by $494 (roughly Rs. 40,500).
The US SEC, amid its ongoing tussle with crypto players like Binance and Coinbase, approved the launch of the first leveraged Bitcoin Futures ETF in the US. Leveraged funds use debt or financial derivatives — in this case, Bitcoin futures — as leverage to magnify the returns of a benchmark index. In addition, Federal Reserve Chair Jeremy Powell also testified in the House Financial Services Committee, saying that crypto does have a staying power in the US.
Both of these developments contributed to the crypto market seeing profits over the weekend.
Ether reflected a small gain of 0.17 percent on Gadgets 360’s crypto price chart on Monday. The price of ETH stands at the point of $1,873 (roughly Rs. 1.5 lakh) as of June 26. The second-most valued cryptocurrency after Bitcoin, ETH slipped by $2 (roughly Rs. 163) in the last two days.
The crypto chart clearly marked a split with BTC and ETH taking different trajectories on the price path.
With small but significant profits, Binance Coin, Ripple, Solana, Tron, Polkadot, Avalanche, and Polygon joined ETH on the green side of the price chart.
Tether, USD Coin, Cardano, Dogecoin, Litecoin, and Shiba Inu, meanwhile, replicated BTC’s market movement and stayed on the loss-ridden red side of the price chart.
The overall crypto market, comprising of 25,943 registered cryptocurrencies, slipped by 0.84 percent in its valuation in the last 24 hours. The market cap of the crypto sector, as of June 26, stands at $1.18 trillion, shows the data by CoinMarketCap.
The crypto fear and greed index has registered no movement and continues to remain at a score of 65/100.
“Bitcoin’s market depth continues to be an area of concern. However, with this correction phase predicted to settle by the end of the year, it could see trading volumes picking up,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
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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