The month of June turned out to be quite the rollercoaster ride for the crypto market. On June 28, Tuesday, the crypto price charts opened for trading reflecting more reds than greens. Bitcoin, after seeing a price dip of 2.67 percent, is now priced at $21,957 (roughly Rs. 17 lakh) on Indian exchange CoinSwitch Kuber. Even on international exchanges, the world’s oldest cryptocurrency failed to make any profits. Post registering dips of over 2.20 percent, BTC is trading at around $20,721 (roughly Rs. 16 lakh).
Losses bigger than Bitcoin’s struck Ether on Tuesday. According to Gadgets 360’s crypto price tracker, ETH values dipped by 3.28 percent, bringing its value to $1,252 (roughly Rs. 98,481).
From stablecoins such as Tether and USD Coin to other popular altcoins like Binance Coin, Cardano, and Solana, witnessed price falls.
Dogecoin, Shiba Inu, Avalanche, Polygon, and Uniswap also failed to reap-in profits.
This consistently slowed down market momentum is stirring fears of a crypto winter among investors.
“The Crypto Winter is nothing new, it happened twice before, in 2018, and before that. It’s a cyclical event and happens every four years. It will serve as a learning curve and accelerator in laying the groundwork for a more stable and profitable sector on a global scale. Projects which were meant to capitalise on the fundraising aspect of crypto will die out, while projects with an actual use case of tokens tend to become more prominent, they thrive and will stay,” Vineet Budki, managing partner at venture capital firm Cypher Capital told Gadgets 360.
In the last 24 hours, the overall valuation of the crypto market fell by over $25 billion (roughly Rs. 1,96,546 crore).
The market cap of the crypto industry currently stands at over $929 billion (roughly Rs. 73,11,028 crore), down from its valuation of $954 billion (roughly Rs. 74,76,660 crore) that was recorded one day ago by CoinMarketCap.
“Indecision in the markets persisted, in view of weak economic showing and traders trying to bottom fish. While undesired, the recent crypto market turmoil could potentially be a positive for the industry by helping weed out bad actors and projects with poor fundamentals. We continue to be optimistic of the long-term value that digital assets bring,” the CoinDCX research team told Gadgets 360.
Only Binance USD, Baby Dogecoin, and Status managed to see small gains.
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