Crypto Market Watch: Bitcoin Reaps Minor Gains; Ether, Most Stablecoins See Losses

Bitcoin on Friday, June 16, recorded 2.20 percent in profits to trade at the price point of $25,493 (roughly Rs. 20 lakh). This is the first time this week, that Bitcoin managed to see a minor gain on both, national as well as international exchanges. The most expensive cryptocurrency, BTC, saw its price go up by $480 (roughly Rs. 39,341) in the last 24 hours. It is notable that BTC’s small recovery can be attributed to BlackRock’s iShares unit having filed for a spot Bitcoin exchange-traded fund (ETF) with the SEC.

“Previous concerns over US central bank policies and regulatory scrutiny had caused a decline in BTC value. However, the announcement from BlackRock iShares has reignited optimism for a BTC ETF despite prior rejections by the SEC,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ether, tagging behind Bitcoin, showed a small recovery on Friday after almost four days of marking loss. ETH gained 0.43 percent to attain the trading value of $1,662 (roughly Rs. 1.3 lakh). This marks one of Ether’s lowest trading values in recent months. Over the last day, ETH did manage to rise value wise by $14 (roughly Rs. 1,147).

As per the crypto price tracker by Gadgets 360, Cardano, Litecoin, Leo, Cosmos, Chainlink, and Monero reeled-in profits alongside BTC and ETH.

Interestingly, memecoins Dogecoin and Shiba Inu, both managed to secure small but notable gains in an otherwise slowed down market situation.

The overall crypto market valuation went up by 1.27 percent over the last day to sit at the mark of $1.04 trillion as of June 16, CoinMarketCap showed.

Meanwhile, stablecoins Tether, Binance USD, and USD Coin recorded losses.

Binance Coin, Tron, Solana, Polygon, and Polkadot also incurred price drops alongside Wrapped Bitcoin, Avalanche, and Uniswap among others.

“Barring Tron, all of the top ten cryptos by market capitalization are either trading in the green or have shown no price action in the last 24 hours. Despite a short respite in the market, it still seems to be edgy,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

The crypto fear and greed index has re-entered the neutral zone with a score of 47, recording a fresh six point jump. Developments in the crypto world are also continuing to grow despite the ongoing slump in the industry. Taxnodes, a crypto tax computational platform for instance, has secured $1.6 million (roughly Rs. 13 crore) in a seed funding round. ZebPay’s Rahul Pagidipati and WazirX’s Nischal Shetty are among the investors in Taxnodes.

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