Crypto Market Watch: Profits Return to Bitcoin, Ether After Several Loss-Ridden Days; Tether, Polygon See Losses

The crypto price chart reflected profits next to maximum cryptocurrencies on Wednesday, June 7. Bitcoin price increased by 4.67 percent over the last 24 hours. With this, the value of Bitcoin currently stands at $26,930 (roughly Rs. 22 lakh). Earlier this week, Bitcoin sunk to its three-month low price point of $25,600 (roughly Rs. 21 lakh). Not just BTC, majority cryptocurrencies are undergoing a volatile period especially after the US SEC stamped Binance with legal troubles for allegedly violating laws of the land. Over the last day, however, BTC grew by $1,288 (roughly Rs. 1.06 lakh) — ushering most altcoins towards profits.

“Bitcoin is presently facing strong resistance near the $27,400 (roughly Rs. 22.6 lakh) level, with support found around $26,400 (roughly Rs. 21.7 lakh),” Edul Patel, CEO, Mudrex crypto investment firm told Gadgets 360.

Ether reeled-in 3.55 percent in profits on Wednesday. The second-most valued cryptocurrency after Bitcoin, Ether is presently priced $1,876 (roughly Rs. 1.54 lakh). In the last 24 hours, the value of ETH has managed to spike by $65 (roughly Rs. 5,366), as recorded by Gadgets 360's crypto price tracker.

Most cryptocurrencies tagged behind BTC and ETH to move in to the profit-making side of the crypto price chart with minor gains.

These include Binance Coin, USD Coin, Ripple, Dogecoin, Solana, Litecoin, Polkadot, and Avalanche among others.

“All except Cardano (ADA) amongst the top 10 cryptos by market capitalisation are trading in the green. In fact, majority of tokens have rallied since yesterday. Tokens which were called out by the SEC as securities, including MATIC (down ~3 percent) and ADA (down ~0.8 percent) are still trading a tad lower. Meanwhile, the ongoing SEC crackdown has led decentralised exchanges to show a significant rise in trading volumes, leading to a price surge for some popular DEX tokens, including DYDX (up ~5.5 percent),” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk highlighted to Gadgets 360.

Shiba Inu, Wrapped Bitcoin, Cosmos, Chainlink, Uniswap, and Monero also managed to mint profits on Wednesday.

In the last 24 hours, the valuation of the crypto market spiked by 3.19 percent and currently sits at the mark of $1.12 trillion (roughly Rs. 92,82,759 crore), as per CoinMarketCap.

Tether, Polygon, Tron, Binance USD, and LEO, meanwhile, reflected losses on June 7.

“The SEC's targeting of Binance have affected crypto prices. However, tokens such as Ethereum which were not mentioned as securities, saw an increase in its price due to positive user sentiment.Amidst heavy reliance on stablecoins and BTC for investors, the market expects more regulatory clarity post the SEC's verdict,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The SEC is closely examining major crypto exchanges, aiming to establish stronger compliance measures that would benefit the overall crypto ecosystem in the long term.

Iota, Nem, SushiSwap, and Braintrust also witnessed price dips on the crypto chart.

Industry insiders believe that this market correction should not be taken negatively.

“Following the market correction, several notable players seized the opportunity to buy the dip. On-chain data from Lookonchain revealed substantial amounts of money being moved from stablecoin wallets to exchanges. This included the involvement of various institutional investors such as FBG Capital, FalconX, and several identified whale accounts engaging in similar activities,” the research team of CoinDCX 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.