The global cryptocurrency market cap fell 2.3% to $1.1tn, with Bitcoin dropping 2% to $26,432. Ethereum was also below the $1,850 mark. Other tokens, including BNB and Solana, fell by over 6%, and XRP, Cardano, Polygon and Polkadot traded with cuts. The US SEC’s recent crackdown on Binance and Coinbase sparked fear in the markets, with top altcoins declining by over 10% in the past week. The presence of bearish engulfing candles indicates potential selling pressure and dominance by sellers, according to Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
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Explore NowThe cryptocurrency markets were trading in the red on Thursday. Bitcoin (BTC) fell 2% to $26,432, whereas Ethereum (ETH) was below the $1,850 level.
“Bitcoin experienced a drop below the US$26,500 mark amidst SEC filing lawsuit against Binance and Coinbase. Despite attempts, BTC failed to surpass the US$27,000 level again. The current support for BTC rests at US$26,200, with resistance at US$26,600. If the immediate resistance is successfully overcome, it could propel the price even higher,” Edul Patel, CEO and Co-Founder of Mudrex, said.
Other top crypto tokens were also trading lower. BNB and Solana fell by over 6%. Meanwhile, XRP, Cardano, Polygon and Polkadot also traded with cuts.
Vikram Subburaj, CEO of Giottus Crypto Platform said, “US SEC’s recent crackdown on Binance and Coinbase has reinstated fear in the markets with top altcoins like ADA, BNB, SOL and MATIC declining by more than 10% in the last week. Bitcoin and Ethereum continue to hold their levels as a safer hedge for investors. We anticipate more volatility in the upcoming week as the US Fed decides on interest rate hikes.”
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View Details »The global cryptocurrency market cap was trading lower around $1.1 trillion, falling 2.3% in the last 24 hours.
“The downward trend in BTC spilled over other altcoins as well due to which the overall crypto market dipped by 2.28% to $1.1 trillion. The upcoming jobs data and inflation numbers will define the course of the crypto market in the coming weeks,” Shivam Thakral, CEO of BuyUcoin said.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $512 billion. BTC volume stood at approximately $17.38 billion, falling 27.11% in the last 24 hours. Bitcoin’s dominance is currently 46.59%, an increase of 0.23% over the day, according to CoinMarketCap.
“Bitcoin is showing signs of recovery as it climbed from $25,400 to around $26,900. However, it is encountering resistance at the crucial $27,350 level,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
“The presence of bearish engulfing candles indicates potential selling pressure and dominance by sellers. However, several technical indicators and moving averages remain bullish, suggesting the possibility of buying pressure. To maintain its upward trajectory, Bitcoin needs to successfully break the resistance at $27,350,” Sathvik added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 12.51 hours, IST on June 8, 2023)
Bitcoin $26,432 -1.52%
Ethereum $1,839 -1.94%
Tether $1.00 -0.04%
BNB $261 -6.1%
XRP $0.5192 -1.66%
Cardano $0.3271 -4.43%
Dogecoin $0.0678 -2.32%
Polygon $0.7683 -4.22%
Solana $18.63 -6.77%
Litecoin $88.29 -1.97%
Polkadot $5.03 -2.54%
Tron $0.07703 -0.35%
Avalanche $13.91 -4.24%
Shiba Inu $0.000007971 -0.85%
(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)
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