Bitcoin surged by 5% up to $26,936, whereas Ethereum stood above $1,850, and the global cryptocurrency market cap rose by 3.14% in the last 24 hours to $1.13 trillion. Other currencies such as Dogecoin and Litecoin also surged by over 4%. Although crypto fear and greed index regained its position in the neutral zone by climbing 9 points since yesterday, BTC may face strong resistance near the $27,400 level and support around the $26,400 level, according to experts.
Read Stock Insights by ET for a quick analysis
Glance Finance Ltd.
Explore NowThe cryptocurrency markets were trading higher on Wednesday. Bitcoin (BTC) surged 5% to $26,936, whereas Ethereum (ETH) was above the $1,850 level. BTC volume stood at approximately $23.77 billion, rising 17% in the last 24 hours.
“Crypto markets have showcased resilience by trading in the green over the last 24 hours. The crypto fear and greed index has also regained its position in the neutral zone by climbing 9 points since yesterday. This could be attributed to a strong resilience shown by the industry, despite the SEC serving a lawsuit to Coinbase, similar to Binance from the day before,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk.
Other top crypto tokens were also trading higher on Wednesday. Dogecoin and Litecoin rose by over 4%. Meanwhile, BNB, XRP, Solana and Polkadot also traded with gains. The global cryptocurrency market cap was trading lower around $1.13 trillion, rising 3.14% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $522 billion. Bitcoin’s dominance is currently 46.38%, an increase of 0.61% over the day, according to CoinMarketCap.
Did you Know?
S has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of S ’s offerings and reimagine processes for improved business outcomes.
View Details »“BTC is now facing strong resistance near the US$27,400 level and support at the US$26,400 level,” said Edul Patel, Co-founder and CEO at Mudrex.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 48, with a neutral outlook. The Stochastic %K (14, 3, 3) at 41 and the Average Directional Index (14) at 21 indicate a Neutral outlook as well.
“The MACD Level (12, 26), at −191, indicates Buy. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 41 and William’s Percentage indicates Neutral at -50 as well,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.49 hours, IST on June 7, 2023)
Bitcoin $26,936 4.55%
Ethereum $1,883 3.71%
Tether $1.00 -0.01%
BNB $278 0.42%
XRP $0.5361 4.69%
Cardano $0.3462 -1.52%
Dogecoin $0.06983 4.84%
Polygon $0.8096 -2.69%
Solana $20.2 1.16%
Litecoin $91 3.94%
Polkadot $5.19 2.2%
Tron $0.07728 -1.99%
Shiba Inu $0.00000806 0.49%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Wednesday, 07 Jun, 2023Experience Your Economic Times Newspaper, The Digital Way!Read Complete Print Edition »
- Front Page
- Pure Politics
- Around the World
Auto Cos Await Clarity on PLI Subsidy for FY23
More than a year after the ₹25,938 crore production-linked incentive (PLI) scheme for India’s auto sector came into effect, qualified manufacturers await clarity on whether they will receive sops for the first year of the programme.
Byju’s Misses $40m Loan Payment, Sues Lenders
Byju’s has sued its lender Redwood, an American investment management firm, and its related entities in the New York Supreme Court for accelerating the repayment of a $1.2 billion Term Loan B (TLB). This marks a new twist in the long-drawn saga playing out between the Indian edtech major and its lenders even as Byju’s missed its quarterly interest payment of about $40 million for the TLB that was due on June 5.
Sequoia India & SE Asia Split from US
Sequoia Capital, the marquee Silicon Valley investor in early-stage companies, has broken away from its India and China partnerships, signalling a retreat from Asia for the fund that had backed technology giants Apple and Google in its early days.