Bitcoin Falls to $104,900 as Market Undergoes Correction Phase, Most Altcoins See Losses

The overall crypto market underwent a period of price correction over the weekend, pushing a majority of cryptocurrencies into losses. Bitcoin on Monday, June 2, reflected a price slip of around two percent bringing its value to $104,948 (roughly Rs. 89.6 lakh) on international exchanges. The oldest and most expensive cryptocurrency traced a similar trajectory on Indian exchanges as well. As per CoinDCX and CoinSwitch, Bitcoin fell by 0.65 percent to trade at $107,242 (roughly Rs. 91.5 lakh).

"BTC dipped below $104,000 (roughly Rs. 88.8 lakh), triggering over $600 million (roughly Rs. 5,124 crore) in liquidations—the highest since February. Despite this, BTC managed to rebound above $104,300, supported by institutional buying near the $103,000 level (roughly Rs. 87.9 lakh)," the CoinSwitch Markets Desk told Gadgets 360. "The cryptocurrency market experienced heightened volatility over the weekend, influenced by Trump escalating tariffs and significant liquidations in the derivatives market. "

Ether logged a price drop of 1.22 percent in the last 24 hours on international exchanges. Data by CoinMarketCap showed ETH trading at $2,490 (roughly Rs. 2.12 lakh) on global platforms. Meanwhile, on Indian exchanges, ETH dropped by nearly six percent in pricing to trade at $2,568 (roughly Rs. 2.19 lakh).

"Ethereum is also gaining strength, with growing interest fueling a possible breakout. With prices stabilising, the coming weeks will be critical in shaping the next phase of growth across the crypto space," said Avinash Shekhar, Co-Founder and CEO, Pi42.

The crypto price tracker by Gadgets 360 showed most altcoins trading in the reds on Monday. These include Tether, Ripple, Solana, Dogecoin, and Cardano.

Additionally, Chainlink, Avalanche, Stellar, Leo, Shiba Inu, Litecoin, and Polkadot also saw minor losses.

The overall crypto market cap dipped slightly by less than one percent to reach the valuation of $3.28 trillion (roughly Rs. 2,80,15,447 crore), showed CoinMarketCap.

"Investors now focus on the macroeconomic factors ahead of the FOMC meeting this month. The Fed Chair Jerome Powell's speech later today could set the mood of the market going ahead," Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360.

Meanwhile, Binance Coin, Tron, Monero, Iota, and Braintrust registered small gains on the price chart.

"This consolidation phase is occurring amid significant market events which could introduce short-term volatility. On-chain metrics indicate a healthy market, with stablecoin supply surging to over $160 billion (roughly Rs. 13,66,627 crore), suggesting increased liquidity and potential buying pressure. Additionally, exchange reserves have dropped to multi-month lows, indicating reduced sell pressure. Implied volatility remains elevated, reflecting market anticipation of significant price movements," Srinivas L, CEO, venture firm 9Point Capital told Gadgets 360. Market analysts advise investors to be cautious before taking financial decisions.

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.