The overall crypto price chart reflected losses next to most cryptocurrencies on Thursday, June 15. Bitcoin fell by 3.85 percent to trade at the price point of $25,013 (roughly Rs. 20 lakh) as selling pressure hovering over the crypto market saw a rise overnight. In the last 24 hours, the value of Bitcoin recorded a substantial dip of $657 (roughly Rs. 54,014). Along with Bitcoin, Ether, and Cardano among majority other cryptocurrencies recorded price drops.
Ether stepped into the trading rink on Thursday, with a loss of 5.55 percent. At the time of writing, the value of Ether stood at $1,648 (roughly Rs. 1.3 lakh). This marks one of Ether’s lowest downfalls this year.
“The US Federal Reserve maintained interest rates but cautioned about potential future rate hikes to address inflation concerns,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, outlining a reason behind today’s market sentiment.
Stablecoins Tether, USD Coin, Ripple, and Binance USD recorded losses alongside BTC and ETH.
Price dips also struck Binance Coin, Cardano, Dogecoin, Tron, Solana, and Polygon, as shown by the crypto price tracker by Gadgets 360.
The overall valuation of the crypto sector incurred a loss of 3.42 percent to stand at the capitalisation of $1.02 trillion (roughly Rs. 84,15,644 crore) on Thursday as per CoinMarketCap.
“The top 10 cryptos by market capitalisation are currently trading in the red. BTC momentarily fell below $25,000 (roughly Rs. 20 lakh) before making a slight recovery, and liquidating more than 100 million dollars of longs across crypto markets. If there is no immediate recovery across crypto assets, we can expect markets to bleed further,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk told Gadgets 360.
Cartesi and Braintrust are the only two cryptocurrencies that managed to record small profits on an otherwise loss-dominated price chart.
The crypto fear and greed index fell further into the fear zone, currently standing at 41 points, down 5 points from last day.
“Despite the recent actions taken by the Securities and Exchange Commission (SEC) against major players in the industry, Bitcoin has shown resilience. Meanwhile, the US central bank is expected to put a pause on its aggressive interest rate hikes, which have seen rates increase by 500 basis points over the last 10 meetings. The market is currently pricing in a 65 percent chance of further rate hikes by July, but Tuesday’s softer-than-expected inflation reading has fuelled the argument for a pause,” the CoinDCX research team told Gadgets 360.
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