Cryptocurrency Price Today: Bitcoin, Ethereum and almost all other major crypto coins on Tuesday, June 7, wiped of their previous day’s gains to nosedive into the red zone again as they tracked major losses. The market situation, with all its results, again proved that it was still volatile even as stock markets edged higher during the start of the week. The global cryptocurrency market was standing at $1.22 trillion, down by 4.72 per cent over the past 24 hours, data showed, as the situation remained volatile. The crypto coin prices remained unstable for another day as investors seemed undecided regarding attractive prices and worries about rising inflation as well as an economic slowdown.
“Crypto endured a choppy session, with bitcoin climbing to highs of $31,700 before shedding 7.2% to lows of $29,400. The ‘buy the dip’ sentiment continues to be strong, where addresses with a balance of more than 1 BTC climbed to an all-time high of 849,000 amidst a relatively flat price action. These can potentially imply that there are more people HODLing and looking to accumulate crypto, likely using BTC as a store of value and inflation hedge for the long-term, as opposed to short term speculation. Despite the general weakness in the markets, we remain optimistic on a resumption of the bull market, provided the macroeconomic picture improves significantly for the better,” said the CoinDCX research team.
After a few days of basking in the glory of breaching the $30,000 and $31,000 marks, the world’s largest cryptocurrency Bitcoin on Tuesday again fell to the $29,000 levels. Bitcoin price today fell by 5.53 per cent to stand at $29,475.68 at the time of writing this article, according to data from CoinMarketCap.
“Bitcoin price corrected by 6 per cent and dropped below $30K after a minor rally that saw BTC edge over $31K, yesterday. The crypto markets had responded positively yesterday as the Dollar index(DXY) chart indicated a resistance. However, this upsurge was short lived and the crypto markets soon turned red and Bitcoin dropped below 30K within just a few hours. The daily trend for Bitcoin continues to traverse within a descending triangle pattern. An immediate support for BTC is expected at $26,800,” said the WazirX trade desk.
“After nine consecutive weeks of low performance, BTC began the week on an optimistic note. It was up 1.9 per cent over the past 24 hours, trading near the $30,000 level. Another optimistic indicator was the exchange outflow volume: BTC leaving exchange platforms shot up,” said Darshan Bathija, CEO and co founder of Vauld, as Bitcoin had breached the $31,000 mark on Monday.
Meanwhile, Ether price today was standing at $1,753.02, falling by 6.33 per cent over the past 24 hours. Other altcoins like Cardano and Solana were trading 6 per cent lower prices in the past 24 hours, while writing this article, while BNB fell by over 8 per cent during the same time frame. “Binance Coin(BNB) has been on a downtrend since the last couple of days as the US S.E.C. launched an investigation against Binance’s native token. The commission is probing Binance Holdings Ltd. in connection with breaking the U.S. securities law,” noted the WazirX trade desk.
Here are the top 10 cryptocurrencies and their prices on June 7, 2022 ( According to data from coinmarketcap.com)
Bitcoin $29,475.68 or 5.53 per cent loss in the last 24 hours
Ethereum $1,753.02 or 6.33 per cent loss in the last 24 hours
Tether $0.9995 or 0.02 per cent gain in the last 24 hours
USD Coin $1.00 or 0.01 per cent loss in the last 24 hours
BNB $281.21 or 8.33 per cent loss in the last 24 hours
Cardano $0.5843 or 6.09 per cent loss in the last 24 hours
XRP $0.3912 or 2.33 per cent loss in the last 24 hours
Binance USD $1.00 or 0.07 per cent loss in the last 24 hours
Solana $39.01 or 6.84 per cent loss in the last 24 hours
Dogecoin $0.07958 or 3.94 per cent loss in the last 24 hours
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