Crypto Market Watch: Bitcoin Reaps Minor Gains; Ether, Most Stablecoins See Losses

The most expensive cryptocurrency, BTC, saw a rise in price by $480 (roughly Rs. 39,341) in the last 24 hours.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 16 June 2023 11:48 IST

Crypto Market Watch: Bitcoin Reaps Minor Gains; Ether, Most Stablecoins See Losses

Photo Credit: Pixabay/ Dean Crosby

The crypto market valuation currently stands at $1.04 trillion

Highlights

Cardano, Litecoin recorded profits
Chainlink, Monero saw profits
Polygon, Polkadot recorded losses

Bitcoin on Friday, June 16, recorded 2.20 percent in profits to trade at the price point of $25,493 (roughly Rs. 20 lakh). This is the first time this week, that Bitcoin managed to see a minor gain on both, national as well as international exchanges. The most expensive cryptocurrency, BTC, saw its price go up by $480 (roughly Rs. 39,341) in the last 24 hours. It is notable that BTC's small recovery can be attributed to BlackRock's iShares unit having filed for a spot Bitcoin exchange-traded fund (ETF) with the SEC.

“Previous concerns over US central bank policies and regulatory scrutiny had caused a decline in BTC value. However, the announcement from BlackRock iShares has reignited optimism for a BTC ETF despite prior rejections by the SEC,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ether, tagging behind Bitcoin, showed a small recovery on Friday after almost four days of marking loss. ETH gained 0.43 percent to attain the trading value of $1,662 (roughly Rs. 1.3 lakh). This marks one of Ether's lowest trading values in recent months. Over the last day, ETH did manage to rise value wise by $14 (roughly Rs. 1,147).

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As per the crypto price tracker by Gadgets 360, Cardano, Litecoin, Leo, Cosmos, Chainlink, and Monero reeled-in profits alongside BTC and ETH.

Interestingly, memecoins Dogecoin and Shiba Inu, both managed to secure small but notable gains in an otherwise slowed down market situation.

The overall crypto market valuation went up by 1.27 percent over the last day to sit at the mark of $1.04 trillion as of June 16, CoinMarketCap showed.

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Meanwhile, stablecoins Tether, Binance USD, and USD Coin recorded losses.

Binance Coin, Tron, Solana, Polygon, and Polkadot also incurred price drops alongside Wrapped Bitcoin, Avalanche, and Uniswap among others.

“Barring Tron, all of the top ten cryptos by market capitalization are either trading in the green or have shown no price action in the last 24 hours. Despite a short respite in the market, it still seems to be edgy,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

The crypto fear and greed index has re-entered the neutral zone with a score of 47, recording a fresh six point jump. Developments in the crypto world are also continuing to grow despite the ongoing slump in the industry. Taxnodes, a crypto tax computational platform for instance, has secured $1.6 million (roughly Rs. 13 crore) in a seed funding round. ZebPay's Rahul Pagidipati and WazirX's Nischal Shetty are among the investors in Taxnodes.

Apple unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference, along with new Mac models and upcoming software updates. We discuss all the most important announcements made by the company at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More