Majority Altcoins Join BTC, ETH in Reflecting Losses as Price Chart Remains Drenched in Red

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The cryp­to mar­ket, over the last week­end of June, man­aged to hold its posi­tions with­out rop­ing-in any sub­stan­tial gains or loss­es. Bit­coin on Mon­day, June 27, opened with a price dip of 0.87 per­cent. For now, the old­est cryp­tocur­ren­cy is trad­ing at $22,560 (rough­ly Rs. 17 lakh) on Indi­an exchange Coin­Switch Kuber. Bit­coin saw slight­ly big­ger loss­es on glob­al exchanges. As per Coin­base and Binance for instance, Bit­coin prices slipped by 1.15 per­cent, keep­ing its val­ue low at around $21,155 (rough­ly Rs. 16.5 lakh) on the inter­na­tion­al scale.

Ether plod­ded along­side Bit­coin on the loss-trail, reg­is­ter­ing loss­es of around 0.87 per­cent. Accord­ing to Gad­gets 360’s cryp­to price track­er, the price of Ether is cur­rent­ly around $1,297 (rough­ly Rs. 1 lakh).

“Bit­coin has been build­ing momen­tum over the week­end. It went down by 1.46 per­cent over the past 24 hours. Despite today’s minor decline, BTC remains above the mark of $20,000 (rough­ly Rs. 15 lakh). Since the mar­ket is still going through a recov­ery phase, there is volatil­i­ty in the prices,” Edul Patel, CEO and Co-founder, cryp­to invest­ment firm Mudrex told Gad­gets 360.

Major­i­ty of oth­er cryp­tocur­ren­cies found them­selves on the loss-side of the price charts, with the top two assets being impact­ed with losses.

Pop­u­lar alt­coins such as Binance Coin, Car­dano, Solana, Polka­dot, and Avalanche wit­nessed dips.

The move­ment of sta­ble­coins also observed fluctuations.

While, Binance USD was hit with loss­es, prof­its touched Teth­er and USD Coin.

Doge­coin, Tron, Uniswap, and Mon­ero tailed Teth­er and USD Coin to reg­is­ter small, but sig­nif­i­cant gains.

Over­all, the mar­ket cap of the cryp­to sec­tor, at present, stands at $954 bil­lion (rough­ly Rs. 74,76,660 crore), data by Coin­Mar­ket­Cap showed.

“Bit­coin is hold­ing strong as the Inter­na­tion­al Mon­e­tary Fund expects the US econ­o­my to ‘nar­row­ly avoid’ reces­sion this year and the next. US stocks also made a notable snap­back after three weeks of loss­es fol­low­ing the fore­cast, show­cas­ing a nar­row­ing rela­tion­ship between DeFi and Trad­Fi and a pos­si­ble indi­ca­tion of the matur­ing dig­i­tal asset sec­tor,” the research team at CoinD­CX told Gad­gets 360, com­ment­ing on the mar­ket situation.

Mean­while, oth­er deals in the cryp­to indus­try are keep­ing the indus­tri­al motor run­ning now when trad­ing has tak­en a back seat.

Cryp­tocur­ren­cy exchange FTX is in talks to acquire a stake in cryp­to lender Block­Fi, which is a cryp­to-backed plat­form offer­ing finan­cial prod­ucts and services.

Binance cryp­to exchange also made it to the head­lines for crack­ing an exclu­sive part­ner­ship with Por­tuguese foot­ball super­star Cris­tiano Ronal­do to launch a col­lec­tion of non-fun­gi­ble tokens (NFTs).


Cryp­tocur­ren­cy is an unreg­u­lat­ed dig­i­tal cur­ren­cy, not a legal ten­der and sub­ject to mar­ket risks. The infor­ma­tion pro­vid­ed in the arti­cle is not intend­ed to be and does not con­sti­tute finan­cial advice, trad­ing advice or any oth­er advice or rec­om­men­da­tion of any sort offered or endorsed by NDTV. NDTV shall not be respon­si­ble for any loss aris­ing from any invest­ment based on any per­ceived rec­om­men­da­tion, fore­cast or any oth­er infor­ma­tion con­tained in the arti­cle. 

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