Crypto Market Watch: Bitcoin, Ether Tumble as US SEC Cracks Down on Crypto, Most Altcoins See Losses

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For the crypto market, not much has changed in the last 24 hours in terms of profits going to cryptocurrencies. On Thursday, June 8, Bitcoin recorded a loss of 2.05% to trade at $26,279 (roughly Rs. 21.7 lakh). In the past 24 hours, the value of Bitcoin has fallen by $651 (about 53,762 rupees). According to industry experts, the top-rated cryptocurrency is currently facing strong resistance near the $27,400 (roughly Rs. 22.6 lakh) level. The SEC’s ongoing investigation into Binance and Coinbase has emerged among the top reasons why BTC and most other cryptocurrencies are suffering a meltdown.

Ether slipped 1.85% on Thursday, to trade at $1,834 (roughly Rs. 1.5 lakh). Behind Bitcoin, Ether also recorded a significant price reduction of $42 (approximately 3,468 rupees) in the past 24 hours.

While stablecoins are considered a safe investment option by the community, rumors of a possible SEC crackdown on Tether have made the market somewhat skeptical. The SEC continues to keep U.S. crypto companies on the lookout as they seek alternatives overseas. Market sentiment is largely indicating “Sell” when it comes to Bitcoin’s moving averages, WazirX VP Rajagopal Menon told Gadgets 360.

Losses suffered by Binance Coin, Ripple, Cardano, Dogecoin, Solana, Polygon, Tron, Litecoin and Polkadot alongside BTC and ETH, showed crypto price tracking by Gadgets 360.

Avalanche, Shiba Inu, Cosmos, Chainlink, Monero, Uniswap and Stellar also saw no gains.

The valuation of the crypto sector fell 2.35% to hold the $1.1 trillion mark (about Rs 90,75,336 crore) in the past 24 hours, according to data from CoinMarketCap.

The market came under selling pressure, with Bitcoin struggling to consolidate above the $27,000 level (roughly Rs. 22 lakh), indicating temporary bear dominance. However, it is worth considering the historical performance of Bitcoin. For example, after China banned trading in September 2017, BTC prices soared nearly 500%. Therefore, short sellers should exercise extreme caution. Additionally, the decline in dollar reserves to 58% and the increase in gold reserves to 15% held by banks make this a critical moment for Bitcoin, Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360. .

During this time, only a small number of cryptocurrencies managed to generate profits.

These include USD Coin, Leo, Bitcoin Cash, Dogefi, Bitcoin Hedge, and Floki Inu.

Searches on Google for cryptocurrency-related keywords have fallen to a 29-month low amid ongoing fluctuations affecting the industry.

The Crypto Fear and Greed Index has also remained neutral around the 53 score for over a month now, indicating that activity in the sector has remained mostly unchanged for at least 30 days.

Despite this slowdown in market momentum, industry insiders remain optimistic that better days are in the cards for the entire crypto market.

While some altcoins such as ETH and Lido (LDO) also managed to recover from the previous drop in value, this price movement was not mirrored by several altcoins which did not respond in the same way. However, several developments are paving the way for a more interconnected and secure future for financial transactions. Banking infrastructure giant SWIFT’s collaboration with blockchain infrastructure firm Chainlink marks an important step towards better blockchain interoperability, the CoinDCX team told Gadgets 360, weighing in on the market situation.

The CoinDCX crypto exchange itself is gearing up to expand internationally. On June 7, the platform appointed Vijay Ayyar as Vice President of International Markets.

Apple’s annual developer conference is fast approaching. From the company’s first mixed reality headset to new software updates, we discuss everything we’re looking forward to seeing at WWDC 2023 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn , Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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