On Friday, June 23, Bitcoin suffered a loss after nearly four days of profit locking. At the time of writing, Bitcoin is at USD 29,955 (roughly Rs. 24.5 lakhs) after a loss of 1.19%. This is the first time Bitcoin has recorded losses since Monday. Otherwise, the most expensive cryptocurrency has seen a lot of interest this week from institutional investors and big players like BlackRock and Deutsche Bank. In the last 24 hours, the price of Bitcoin has fallen by $293 (approximately Rs. 24,035).
The ether was also hit by losses on Friday. The second most valuable cryptocurrency is currently trading at $1,875 (around Rs. 1.5 lakh) after falling 1.90%. In the last 24 hours, the value of ETH has fallen by $40 (approximately Rs. 3,280).
“After a strong rally over the past few days driven by large financial institutions applying for Spot Bitcoin ETF licenses, Bitcoin has experienced a period of stability over the past 24 hours. BTC's trading range remains relatively unchanged, ranging from $29,900 (around Rs. 24 lakh) to $30,100 (around Rs. 24.6 lakh). Ether prices may also stabilize in the coming weeks,” Edul Patel, CEO of cryptocurrency investment company Mudrex, told Gadgets 360.
Several popular cryptocurrencies fell after Friday's losses.
These include Binance Coin, Ripple, Cardano, Dogecoin and Solana, as well as Tron, Litecoin, Polkadot and Polygon.
Shiba Inu, Avalanche, Cosmos, Chainlink and Uniswap also suffered losses.
According to CoinMarketCap, the total valuation of the cryptocurrency market has fallen by 1.13% over the past 24 hours to $1.17 trillion (approx. 96,06,271 crores).
“Bitcoin price is stable with a slight decline as questions arise about the sustainability of TradFi's support for the cryptocurrency. APAC has seen an increase in cryptocurrency trading volume. However, there is no sign that the bear market will end even if Bitcoin reaches $30,000 (about Rs 24.6 lakh). , Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
The Crypto Fear and Greed Index is unchanged and remains at 65/100, indicating a bull market.
Meanwhile, the stablecoin has managed to hold some growth on the cryptocurrency's red chart.
Leo, Monero, Bitcoin Cash, Bitcoin SV, Dogefi and Nano Dogecoin also recorded small gains.
“Institutional entry into the cryptocurrency market changed the narrative and investor sentiment compared to last week's regulatory events. Following this incident, French regulators registered and authorized the creation of CACEIS, the asset management arm of giant banks Crédit Agricole and Santander." "We offer services. Cryptocurrency guarantee. Events like this are a driving force for the cryptocurrency industry as a whole,” Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, told Gadgets 360.
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