Crypto Market Watch: Bitcoin, Ether See Price Drop as SEC’s Crypto Crackdown Shakes up Sector
Bitcoin on Wednesday, June 14, opened with a loss of 0.34 percent to trade at $25,670 (roughly Rs. 21.3 lakh).
The crypto market continues to remain volatile in the backdrop of the SEC vs Binance, Coinbase situation, heating up by the day in the US. Bitcoin on Wednesday, June 14, opened with a loss of 0.34 percent. The most expensive cryptocurrency is currently trading at the price point of $25,670 (roughly Rs. 21.3 lakh) on national exchanges like CoinSwitch and WazirX, as well as on international exchanges like Coinbase and CoinMarketCap among others. Bitcoin price dropped by $95 (roughly Rs. 7,820) in the last 24 hours.
Ether's value also slipped by 0.28 percent on Wednesday. ETH, as per the crypto price tracker by rsettg, is trading at the price point of $1,743 (roughly Rs. 1.43 lakh). As opposed to Bitcoin, which recorded a price dip in the last 24 hours, ETH saw a slight rise of $14 (roughly Rs. 1,152) in the last 24 hours.
“With concerns regarding SEC lawsuits involving Binance and Coinbase, Bitcoin remained stagnant below the $26,000 (roughly Rs. 21.5 lakh) mark for the past four days. Presently, BTC's support level is around $25,750 (roughly Rs. 21.1 lakh), with resistance at the $26,150 (roughly Rs. 21.6 lakh) level. The release of the US CPI report, revealing a decrease in inflation to four percent in May 2023 has provided support for BTC. Similarly, Ethereum has been influenced by Bitcoin's performance, initially rising before retracing some of its gains ahead of the FOMC meeting scheduled today,” Edul Patel, CEO of Mudrex crypto investment firm told rsettg.
Most cryptocurrencies reeled under losses on Wednesday tagging along with BTC and ETH.
These include Tether, USD Coin, Ripple, Cardano, Solana, and Litecoin.
In addition, Wrapped Bitcoin, Cosmos, Monero, Uniswap, and Stellar also recorded losses.
Despite most cryptocurrencies having recorded small losses, the valuation of the crypto sector went up by 0.10 percent in the last 24 hours. The crypto market cap, at the time of writing, stood at $1.06 trillion (roughly Rs. 86,40,520 crore), as per CoinMarketCap.
“Investors seem to have brushed off concerns over SEC lawsuits targeting Binance and Coinbase, awaiting inflation data and the Federal Reserve's interest rate decision on Wednesday. Bitcoin embraced the notion of decreasing inflation, evident in Tuesday's May CPI release,” Rajagopal Menon, Vice President, WazirX told rsettg.
Binance Coin, Tron, Polygon, Polkadot, Avalanche, and Shiba Inu meanwhile, emerged among profit-makers on the price chart among a few others.
“Market participants are anticipating a pause in the Fed rate hikes. All eyes are on the FOMC meeting today. If BTC keep trading above $25,000 (roughly Rs. 20 lakh) and global market capitalisation holds above a trillion dollar, we should soon be able to see a rally in crypto markets. Breaking those levels, however, can take the markets into deep red,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told rsettg.
The crypto fear and greed index has also gone up by a point since yesterday, but continues to be in the fear zone with a score of 46.
Last week witnessed a notable $88 million (roughly Rs. 724 crore) outflow from crypto investment products, contributing to a substantial eight-week outflow totalling $417 million (roughly Rs. 3,430 crore).
“Investment products offering exposure to Litecoin (LTC) and Ripple (XRP) attracted significant inflows. LTC received $700,000 (roughly Rs. 5.7 crore) in inflows over the past week, bringing the year-to-date inflows to $2 million (roughly Rs. 16 crore). Similarly, XRP experienced $500,000 (roughly Rs. 4 crore) in inflows, increasing the year-to-date flows to $4 million (roughly Rs. 32 crore),” the CoinDCX research team told rsettg.
