Crypto Market Watch: Bitcoin, Ether Carry Recovered Prices Through Late June Amid Market Volatility

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The crypto market failed to reach a milestone stabilization despite some positive developments that caused a stir over the weekend. Bitcoin, for example, entered the last week of June with a small loss of 0.29%. The price of BTC, however, managed to stay above the $30,000 mark (roughly Rs. 24.3 lakh). At the time of writing, BTC was trading at $30,449 (roughly Rs, 24.9 lakh). Over the weekend, the most expensive cryptocurrency rose by $494 (about 40,500 rupees).

The US SEC, amid its ongoing tussle with crypto players like Binance and Coinbase, has approved the launch of the first leveraged Bitcoin Futures ETF in the US. Leveraged funds use debt or financial derivatives in this case Bitcoin futures as leverage to amplify the returns of a benchmark index. Additionally, Federal Reserve Chairman Jeremy Powell also testified before the House Financial Services Committee, saying that crypto has enduring power in the United States.

Both of these developments contributed to the crypto market posting profits over the weekend.

Ether reflected a small gain of 0.17% on Gadgets 360’s crypto price chart on Monday. The price of ETH stood at $1,873 (roughly Rs. 1.5 lakh) as of June 26. The second most popular cryptocurrency after Bitcoin, ETH has slipped $2 (about Rs. 163) in the past two days.

The crypto chart has clearly marked a split, with BTC and ETH taking different paths on the price path.

With modest but significant profits, Binance Coin, Ripple, Solana, Tron, Polkadot, Avalanche and Polygon joined ETH on the green side of the price chart.

Tether, USD Coin, Cardano, Dogecoin, Litecoin, and Shiba Inu, meanwhile, mirrored BTC’s market movement and remained on the red side of the price chart, plagued by losses.

The overall crypto market, consisting of 25,943 registered cryptocurrencies, has fallen 0.84% ​​in its valuation over the past 24 hours. The market capitalization of the crypto sector, as of June 26, stands at $1.18 trillion, data from CoinMarketCap shows.

The Crypto Fear and Greed Index saw no movement and continues to remain at a score of 65/100.

“Bitcoin’s market depth continues to be a concern. However, with this corrective phase expected to set in by the end of the year, it could see trading volumes increase,” said Rajagopal Menon, Vice President of WazirX, at Gadgets 360.

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