Crypto Market Watch: Bitcoin, Ether Continue to See Losses; Underdog Altcoins Leo, Stellar See Gains

Bitcoin on Thursday saw a loss of 3.54 percent on the crypto price chart. The value of Bitcoin on June 1, hovered over the price point of $26,766 (roughly Rs. 22 lakh) at the time of writing. Bitcoin did manage to rise in terms of its price by $143 (roughly Rs. 11,793) in the last 24 hours, despite which it failed to bag any more profits stepping out of the month of May. The crypto market has been undergoing a slump in the backdrop of the US financial crisis having thickened in recent months, resulting in global financial upheaval. This has clearly also had an impact on the international crypto market.

“Bitcoin faced selling pressure as a Fed official's hawkish remarks indicated no compelling reason to pause liquidity tightening. Investor sentiment waned amidst disappointing manufacturing data from China, causing BTC to register its first losing month of 2023 after a 60 percent surge in the first four months,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ether recorded a loss of 2.38 percent on Thursday, tailing Bitcoin to the loss-making side of the crypto price chart. The current value of ETH stands at $1,854 (roughly Rs. 1.5 lakh). Over the last day, the ETH pricing has dipped by $24 (roughly Rs. 1,979).

“May has been the first red month for BTC and ETH this year. In fact, the top 10 cryptos by market capitalisation are all trading in the red. This could be a reaction to the comments from Federal Reserve official yesterday, hinting at the possibility of another interest rate hike,” Shubham Hudda, CoinSwitch Markets Desk told Gadgets 360, weighing in on the situation.

Majority cryptocurrencies tagged behind BTC and ETH to record losses on June 1.

These include Tether, Binance Coin, USD Coin, Ripple, Cardano, Dogecoin, Polygon, Solana, and Shiba Inu.

Other popular cryptocurrencies including Binance USD, Avalanche, Litecoin, and Chainlink also reeled-in minor losses on Thursday.

The overall valuation of the crypto sector dropped by 0.94 percent in the last 24 hours. As per CoinMarketCap, the sector cap presently stands at $1.13 trillion (roughly Rs. 93,12,860 crore).

“The crypto fear and greed index, however, is up by a point since yesterday with 52 points,” Hudda noted.

Meanwhile, a small number of cryptocurrencies did manage to reel-in profits despite the otherwise slow market momentum.

These include Stellar, Leo, Iota, Nem, and Gas.

In other news, European Union officials signed the Markets in Crypto-Assets (MiCA) bill into law yesterday. Many of MiCA's regulations on crypto firms will come into effect in 2024.

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