Crypto Market Watch: BTC, ETH Trade in Losses After Soaring to Three-Week High Amid Market Volatility

Bitcoin recorded a fall of 1.46 percent on Tuesday, May 30 and slipped from the highest three-week price point of $27,856 (roughly Rs. 23 lakh) that it soared to a day ago. The first ever cryptocurrency to exist, Bitcoin, is currently priced at $27,715 (roughly Rs. 22.9 lakh) amid the ongoing, inflation-ridden financial market turmoil. Bitcoin is hovering over the price of over $27,000 (roughly Rs. 22.3 lakh) on both, national as well as international exchanges. Industry experts say, BTC's current resistance point is pinned at $28,500 (roughly Rs. 23 lakh).

Ether followed Bitcoin on the price chart and reflected a loss of 0.80 percent on Tuesday. Ether, at the time of writing, is trading at $1,895 (roughly Rs. 1.56 lakh). Over the last 24 hours, ETH effectively lost $1 (roughly Rs. 82) from its three-week high price point of $1,896 (roughly Rs. 1.5 lakh).

“Crypto markets have experienced a slight correction in the last 24 hours. As the US debt ceiling discussions proceed, markets may experience volatility till the results of the final voting are announced,” Shubham Hudda, CoinSwitch Desk told Gadgets 360.

A plethora of altcoins experienced a silent shake in their values on Tuesday, that seemed to have taken on a recovery trajectory on May 29.

Tether, Binance Coin, Cardano, Dogecoin, Polygon, Solana, Tron, and Litecoin — all settled with losses.

Polkadot, Avalanche, Shiba Inu, and Cosmos also recorded value dips.

The valuation of the crypto sector stands at $1.16 trillion (roughly Rs. 95,74,716 crore) after dipping by 0.09 percent in the last 24 hours.

“The crypto fear and greed index remains in the neutral zone with 51 points, down 1 point,” Hudda noted.

Stablecoins managed to swim against the market current and reel-in profits. These include USD Coin, Ripple, and Binance USD.

Chainlink, Leo, Uniswap, Bitcoin Cash, and EOS Coin also managed to mint minor profits.

In other news, Hong Kong's Web3 industry has formed two new associations namely — Hong Kong Licensed Virtual Assets Association (HKLVAA) and the Web3 Harbour — both to promote the growth and development of the virtual asset industry and the decentralised Internet sector. While these associations will initiate their activities from July, Hong Kong's new rules for the crypto industry will come into effect from June 01.

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