Crypto Market Watch: Bitcoin, Ether Return to Losses, Stablecoins Hold Onto Profits on the Price Chart

Bitcoin on Friday, June 23, recorded losses after almost four days of having maintained a profit spell. The price point at which Bitcoin is trading at the time of writing stands at $29,955 (roughly Rs. 24.5 lakh) after incurring a loss of 1.19 percent. This is the first time since Monday that Bitcoin has recorded losses. Otherwise, the most expensive cryptocurrency had been riding high on interest from institutional investors and mammoth players like BlackRock and Deutsche Bank this week. In the last 24 hours, Bitcoin price tumbled by $293 (roughly Rs. 24,035).

Losses also struck Ether on Friday. The second-most valuable cryptocurrency, after seeing a loss of 1.90 percent, is presently trading at $1,875 (roughly Rs. 1.5 lakh). Over the last day, the value of ETH dipped by $40 (roughly Rs. 3,280).

“Following recent days of strong surges triggered by major financial institutions applying for spot Bitcoin ETF licenses, Bitcoin experienced a period of stability in the past 24 hours. BTC's trading range remained relatively unchanged, fluctuating between $29,900 (roughly Rs. 24 lakh) and $30,100 (roughly Rs. 24.6 lakh). Ether's pricing could also stabilise in the coming weeks,” Edul Patel, CEO of Mudrex crypto investment firm, told Gadgets 360.

Several popular altcoins reeled under losses on Friday.

These include Binance Coin, Ripple, Cardano, Dogecoin, and Solana along with Tron, Litecoin, Polkadot, and Polygon.

Shiba Inu, Avalanche, Cosmos, Chainlink, and Uniswap also recorded losses.

The overall crypto market valuation dropped by 1.13 percent over the last day to touch the mark of $1.17 trillion (roughly Rs. 96,06,271 crore), as per CoinMarketCap.

“Bitcoin's price stands steady with minor decrease as the question around sustainability of TradFi support in crypto arises. APAC witnesses a surge in trading volumes of crypto. However, there is no sign of the bear market coming to an end, even with Bitcoin reaching $30,000 (roughly Rs. 24.6 lakh),” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

The crypto fear and greed index has registered no movement and continues to remain at a score of 65/100, indicating at a bull market situation.

Stablecoins meanwhile, managed to retain some profits on the otherwise red-tinted crypto price chart.

Leo, Monero, Bitcoin Cash, Bitcoin SV, Dogefi, and Nano Dogecoin also recorded small gains.

“Institutional entry into the crypto market has shifted the narrative and investor sentiment away from regulatory developments from last week. Furthering this case, French regulators have granted registration to CACEIS, the asset servicing division of banking giants Crédit Agricole and Santander, allowing them to provide crypto custody services. Developments like these are a propellant for the crypto industry at large,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, 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.