The cryptocurrency market failed to achieve significant stability despite positive developments that made waves over the weekend. Bitcoin, as an example, entered the final week of June with a minor loss of 0.29 percent. However, BTC managed to stay above the $30,000 mark ($24.3 lakh approximately). Currently, BTC is being traded at $30,449 ($24.9 lakh approximately). During the weekend, the price of the most expensive cryptocurrency increased by $494 (approximately Rs. 40,500).
Despite the ongoing disputes between the US SEC and crypto players like Binance and Coinbase, the SEC approved the launch of the first leveraged Bitcoin Futures ETF in the United States. Leveraged funds utilize debt or financial derivatives, such as Bitcoin futures, to amplify the returns of a benchmark index. Additionally, Federal Reserve Chair Jeremy Powell testified in the House Financial Services Committee, expressing that cryptocurrencies do have staying power in the US.
These developments contributed to the crypto market experiencing profits over the weekend.
On the Gadgets 360 crypto price chart, Ether saw a slight gain of 0.17 percent on Monday. The price of ETH currently stands at $1,873 (approximately Rs. 1.5 lakh) as of June 26. Over the past two days, the second-most valued cryptocurrency after Bitcoin, ETH, dropped by $2 (approximately Rs. 163).
The crypto chart clearly indicates a divergence in the price paths of BTC and ETH.
With modest yet significant profits, Binance Coin, Ripple, Solana, Tron, Polkadot, Avalanche, and Polygon joined ETH on the green side of the price chart.
On the other hand, Tether, USD Coin, Cardano, Dogecoin, Litecoin, and Shiba Inu replicated BTC’s market movement and remained on the loss-ridden red side of the price chart.
The overall crypto market, consisting of 25,943 registered cryptocurrencies, experienced a 0.84 percent decline in valuation over the past 24 hours. As of June 26, the market cap of the crypto sector is $1.18 trillion, according to data from CoinMarketCap.
The crypto fear and greed index has shown no movement and remains at a score of 65/100.
“Bitcoin’s market depth continues to be a cause for concern. However, it is predicted that this correction phase will settle by the end of the year, which could result in increased trading volumes,” stated Rajagopal Menon, Vice President at WazirX, in an interview with Gadgets 360.
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Deepak Sen is a tech enthusiast who covers the latest technological innovations, from AI to consumer gadgets. His articles provide readers with a glimpse into the ever-evolving world of technology.
