Crypto Market Watch: Bitcoin Crosses $28,600 Mark, Overall Crypto Chart Sees Profits
Bitcoin on Wednesday, June 21 recorded a significant profit of 6.63 percent to trade at $28,670 (roughly Rs. 23.5 lakh). This is the first time in June that the value of Bitcoin has reached this mark after trading between $21,000 (roughly Rs. 17.2 lakh) and $25,000 (roughly Rs. 20.5 lakh) on most days. In the last 24 hours, Bitcoin's price has risen by a whopping $1,904 (1.5 lakh). This sudden surge in the prices of most cryptocurrencies is triggered by Deutsche Bank's application for a license to offer crypto custody services.
Ether price spiked by 4.32 percent to reach $1,807 (roughly Rs. 1.48 lakh) on Wednesday. It is however, noteworthy, that Ether has observed a value decrease of $47 (roughly Rs. 3,860) over the last day before registering gains today.
“BTC successfully broke through a significant resistance level, signalling a positive trend. The primary catalyst for this upward movement for BTC, ETH and other cryptocurrencies appears to be the growing institutional interest in Bitcoin, demonstrated by recent filings from BlackRock and Fidelity Investments for a spot Bitcoin ETF as well as Deutsche Bank's application for a license to offer crypto custody services. Overall, the market sentiment is bullish, indicating a positive outlook,” Edul Patel, the CEO of crypto investment firm Mudrex told Rsettg.
Tether, Binance Coin, USD Coin, Ripple, Cardano, Dogecoin, Shiba Inu, and Solana — all recorded gains.
Profits were also recorded by Polygon, Litecoin, Polkadot, Avalanche, Uniswap, and Chainlink among other cryptocurrencies.
The valuation of the overall crypto sector climbed by 5.15 percent in the last 24 hours, to reach the capitalisation of $1.13 trillion (roughly Rs. 93,01,753 crore), as per CoinMarketCap.
The crypto fear and greed index has jumped 10 points to enter into the greed zone with a total score of 59/100.
“Crypto markets have observed two consecutive days of positive price action. Institutional investments in Bitcoin underlines BTC's bull case. It could also be that BTC has not been implicated in regulatory complexities which are currently being faced by altcoins,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Rsettg.
A small number of cryptocurrencies, meanwhile, did see losses on Wednesday.
These include Braintrust, Underdog, Gas, and Husky.
In other news, as leading crypto exchanges mull over shifting their operating base outside the US due to regulatory concerns, a new exchange—EDX Market—has entered the market. Backed by major Tradefi firms including Fidelity, Schwab, Paradigm, Sequoia Capital, and Citadel, EDX Markets will offer Bitcoin, Bitcoin Cash, Ethereum, and Litecoin trading services.
