Crypto market turns ‘red’ again, most cryptocurrencies including Bitcoin, Ether fall

The month of June has proved to be a rollercoaster ride for the crypto market. Most of the coins on the crypto price chart appeared in the red color since the start of trading on Tuesday. The world’s most popular cryptocurrency, Bitcoin, recorded a decline of 2.67 percent and is trading at $ 21,957 (about Rs 17 lakh) on the Indian exchange Coinswitch Kuber. Bitcoin also failed to make any profit on international exchanges. BTC is trading at around $20,721 (about Rs 16 lakh) after a fall of more than 2.20 per cent.

Ether, the world’s second largest cryptocurrency, has recorded a bigger loss than even bitcoin. According to Gadgets 360’s crypto price tracker, the value of ETH fell by 3.28 percent. Its value has gone up to $ 1,252 (about Rs 98,481). From stable coins such as Tether and USD coin to other popular altcoins such as Binance coin, Cardano and Solana, prices have seen a decline.

Dodgecoin, Shiba Inu, Avalanche, Polygon and Uniswap also failed to make any profits. These conditions are continuously reducing the momentum of the market. Due to this, the fear of crypto winter is also increasing among investors.

Vineet Budki, managing partner at venture capital firm Cypher Capital, told Gadgets 360 that crypto winters are nothing new. This has come up twice before. It is a cyclical event and occurs every four years. He said that it will play a role in laying the foundation for a more stable and profitable sector at the global level. Such projects, whose purpose was only to raise money, will end.

The overall valuation of the crypto market has fallen by more than $25 billion (about Rs 1,96,546 crore) in the last 24 hours. The market cap of the crypto industry is currently over $929 billion (approximately Rs 73,11,028 crore). Till a day earlier, it was $954 billion. However, even in the midst of this decline, currencies like Binance USD, Baby Dodgecoin and States have registered marginal profits.

It is worth noting that along with the world, the Indian crypto market is also witnessing tough times. Trading volume on WazirX, one of the country’s fastest growing cryptocurrency exchanges, has fallen 95 per cent since October last year due to new tax regulations. Wald has also shown the way out to 30 percent of employees.

Leave a Comment