BTC, ETH Open First Day of June With Minor Losses, Stablecoins See Gains

Bitcoin dropped by over one percent on international exchanges such as CoinMarketCap and Binance, bringing its value to around $31,432 (roughly Rs. 24 lakh).

By Radhika Parashar | Updated: 1 June 2022 11:31 IST

BTC, ETH Open First Day of June With Minor Losses, Stablecoins See Gains

Photo Credit: Unsplash/ Mariia Shalabaieva

The current global crypto market cap is $1.30 trillion (roughly Rs. 100,99,574 crore)

Highlights

A number of popular altcoins started June trading with dips
Dogecoin and Shiba Inu saw losses
Cardano saw gains

After facing tough market days all throughout May, the crypto market stepped into June with some gains and some losses. Bitcoin on Wednesday, June 1, opened with minor losses on national and international exchanges. As per India's CoinSwitch Kuber, BTC value stands at $33,234 (roughly Rs. 25 lakh) after incurring a miniscule dip of 0.25 percent. The world's first cryptocurrency dropped by over one percent on international exchanges such as CoinMarketCap and Binance, bringing its value to around $31,432 (roughly Rs. 24 lakh).

Threading behind Bitcoin, Ether also saw a small tumble down the price ladder. As per Gadgets 360's crypto price tracker, ETH fell by 2.75 percent to open trading at $2,029 (roughly Rs. 1.5 lakh).

A significant number of popular altcoins began the first day of the new month with small losses.

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These include Solana, Polkadot, Avalanche, and Polygon among others.

Despite Elon Musk announcing to open DOGE payments for SpaceX merch, the memecoin failed to see any gains.

Shiba Inu's market movement also remained riddled with losses amid the assumed exit of its anonymous creator Riyoshi from the crypto world.

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Meanwhile, stablecoins such as Tether, USD Coin maintained the greens on the crypto price charts along with a few others like Binance Coin, Cardano, and Ripple.

Industry insiders are not worried about minor losses hitting Bitcoin.

“Bitcoin's long-standing narrative as a store of value and inflation hedge is once again becoming prominent as dip buyers return on prospective value growth,” Indian crypto exchange CoinDCX told Gadgets 360.

Experts remain optimistic on the digital asset's growth trajectory over the longer term.

The current global crypto market cap is $1.30 trillion (roughly Rs. 100,99,574 crore), as per CoinMarketCap. The figure was lower at $1.25 trillion (roughly Rs. 97,50,067 crore) as of May 30.

Gradual adoption of cryptocurrencies continues to see growth, irrespective of whether the daily market movements end with losses or profits.

MoneyGram, one of world's largest money transfer platforms, is making it possible for users to send USDC stablecoin, while allowing the receiver to cash them out in fiat currencies.

The sector of CBDCs is also seeing healthy developments in different parts of the world.

The Central Bank of Russia (CBR) has also decided to hasten the development of its Digital Ruble in response to sanctions imposed on country since its invasion of Ukraine.

China, in a bid to drive the adoption of its e-CNY digital Yuan, is too gearing up for a mega token airdrop in the Shenzhen city.

Will crypto tax hurt the industry in India? We discuss this 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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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Solana, Polkadot, Avalanche, Stablecoins, Tether, Polygon, Shiba Inu, Dogecoin, USD Coin, Binance Coin, Cardano, CBDC

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More