BTC, ETH Record Minor Drops as Crypto Market Continues to Be Sluggish

The crypto market seems to have only managed to trade sideways in the last 24 hours with most cryptocurrencies riddled with losses stepping into Friday, June 9. Bitcoin price has slipped by 0.14 percent to bring its trading value to $26,416 (roughly Rs. 21 lakh). In the last 24 hours, the most expensive cryptocurrency did record a price growth of $137 (roughly Rs. 11,300) in the midst of the ongoing fluctuations in the market. US SEC’s lawsuit against Coinbase and Binance along with a potential possibility of stablecoins crackdown are evoking concerns among stakeholders about the price movements of key tokens.

Ether, with a loss of 0.03 percent, joined Bitcoin in trading on the low side of the price chart. At the time of writing, the value of ETH stood at $1,835 (roughly Rs. 1.5 lakh) — recording no change from its last day’s trading price.

“BTC’s hold around $26,500 (roughly Rs. 21 lakh) remains firm despite events pertaining to the SEC lawsuits and the upcoming monetary policy decision by the Feds due next week. Ether along with most tokens which were specifically called out as ‘unregistered securities’ by the SEC are trading in the red and the selling pressure on them seems to fading away,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

Binance Coin, Cardano, Solana, Litecoin, Polkadot, Avalanche, and Wrapped Bitcoin — all registered losses alongside Bitcoin and Ether.

Losses also struck Cosmos, Chainlink, Monero, Stellar, and Bitcoin Cash.

The overall crypto market valuation remains unchanged at the mark of $1.1 trillion (roughly Rs. 90,75,336 crore), as per CoinMarketCap.

The crypto fear and greed index continues to maintain yesterday’s position right in the middle of the scale with 50 points. The index has remained “neutral” around the score of 53 for over a month now, indicating that the activity in the sector is majorly unchanged for at least 30 days.

Meanwhile, a small number of cryptocurrencies did manage to record profits on Friday.

These include Ripple, Polygon, Shiba Inu, Leo, and Uniswap.

Eos Coin, Elrond, Aave, NEO Coin, and ZCash also retained profits on the price chart.

“Barring the initial shock of the crackdown, the DeFi ecosystem has been able to shrug off the implications of SEC’s anti-crypto movement. However, a price correction in the coming days cannot be ruled out since the regulatory landscape remains uncertain,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

Meanwhile, on-chain data indicates that Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets.

“Recent jobs data from the US may offer slight respite for the crypto markets. The latest data indicate that the labour market is beginning to showcase favourable results which are aligned to FOMC’s course of prescribed measures. This could increase the likelihood of the Feds pausing their streak of interest rate hikes, something that directly impacts market performance across asset classes,” Chaturvedi from CoinSwitch Ventures noted.

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