Crypto Market Watch: Bitcoin, Ethereum See Losses, Stablecoins and Memecoins Relish Gains

Bitcoin entered the third week of June retaining losses from last week. The most expensive cryptocurrency, Bitcoin, recorded 0.46 percent in losses on June 19 to trade at the price point of $26,395 (roughly Rs. 21.6 lakh). Over the weekend, the overall crypto market witnessed notable fluctuations. Bitcoin rose in its value by $902 (roughly Rs. 73,955) between Friday, June 16 and Monday. Industry insiders have noted that BTC's current trading value indicates at a slight resilience building amongst investors after last week.

Ether followed Bitcoin on the loss-trail. The second-most expensive cryptocurrency recorded a loss of 0.26 percent to trade at $1,722 (roughly Rs. 1.4 lakh). Over the weekend, the value of Ether rose by $60 (roughly Rs. 4,920).

“The inability of bears to push BTC below $25,000 (roughly Rs. 20 lakh) potentially, might have gotten the attention of bullish investors to enter the market in an effort to initiate a recovery. BTC's support is currently situated at the $26,386 (roughly Rs. 21 lakh) mark, while resistance is observed at $26,633 (roughly Rs. 21.8 lakh). Similarly, Ethereum mirrored Bitcoin's performance and has managed to see gains over the weekend,” Edul Patel, CEO of Mudrex crypto investment platform told Rsettg.

Binance Coin, Cardano, Tron, Solana, and Polygon recorded losses.

Avalanche, Leo, Cosmos, Chainlink, and Uniswap also saw price dips.

The overall crypto market valuation dipped by 0.57 percent in the last 24 hours as per CoinMarketCap. The crypto market cap, at the time of writing, stands at $1.06 trillion (roughly Rs. 87,20,576 crore).

Stablecoins and memecoins however, managed to retain profits on the price charts.

Tether, USD Coin, Ripple, and Binance USD reeled-in gains.

Profits also struck Dogecoin and Shiba Inu alongside Litecoin, Polkadot, Monero, and Cronos.

The crypto fear and greed index, meanwhile, continues to stand below 50 since the last 10 days; currently at 47, down two points from yesterday. Industry insiders also predict stable times ahead, citing notable reasons.

“BlackRock's entry into spot BTC ETFs is being seen as a huge positive development, and has uplifted investor sentiment. Binance.US and the SEC have come to an understanding which prevents freezing of the assets in return for greater transparency and oversight. However, movement on the broader lawsuit is yet to begin unfolding. The markets are keenly observing events related to this lawsuit,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Rsettg.

Cryptocurrency investors have grown more cautious about who they do business with, after being burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX, and others. Many investors as well as crypto players also fear a regulatory crackdown.

The recent crypto platform bankruptcies have reportedly trapped customer assets now worth around $34 billion (nearly Rs. 2,78,600 crore), according to Xclaim, which allows creditors to trade such claims.

Countries like Hong Kong are accelerating efforts to bring regulatory clarity into its crypto ecosystem to attract industry players to set up shops there.

“Hong Kong's new set of regulations being a sense of respite for US digital asset exchanges trying to establish a foothold in the Asian crypto hub. With regulatory ambiguity and increased crackdown of digital assets, Hong Kong's capitalisation of this opportunity will set a new dynamic in the crypto geography,” Rajagopal Menon, Vice President, WazirX told Rsettg.