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

In the last 24 hours, the value of Bitcoin dropped substantially by $651 (roughly Rs. 53 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 8 June 2023 12:06 IST

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

Photo Credit: Pixabay/ WorldSpectrum

The valuation of the crypto market stands at $1.1 trillion (roughly Rs. 90,75,336 crore)

Highlights

Cardano, Litecoin saw losses
Polygon, Polkadot recorded losses
Floki Inu, Bitcoin Hedge recorded profits

For the crypto market, not a lot has changed in the last 24 hours in-terms of profits returning to cryptocurrencies. Bitcoin on Thursday, June 8, recorded a loss of 2.05 percent to trade at $26,279 (roughly Rs. 21.7 lakh). In the last 24 hours, the value of Bitcoin dropped substantially by $651 (roughly Rs. 53,762). As per industry experts, the most valued cryptocurrency is presently facing strong resistance near the $27,400 (roughly Rs. 22.6 lakh) level. The SEC's ongoing probe over Binance and Coinbase has emerged among major reasons why BTC and most other cryptocurrencies are undergoing a slump.

Ether slipped by 1.85 percent on Thursday, to trade at $1,834 (roughly Rs. 1.5 lakh). Tailing behind Bitcoin, Ether also recorded a significant price reduction of $42 (roughly Rs. 3,468) in the last 24 hours.

“While stablecoins are being looked at as a safe investment option by the community, rumours of SEC's possible crackdown on Tether, has made the market somewhat sceptical. SEC continues to keep US crypto companies on an edge as they look for alternatives abroad. The market sentiment largely indicates ‘Sell' with respect to moving averages for Bitcoin,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

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

Avalanche, Shiba Inu, Cosmos, Chainlink, Monero, Uniswap, and Stellar also failed to bag any gains.

The valuation of the crypto sector dunked by 2.35 percent to hold onto the mark of $1.1 trillion (roughly Rs. 90,75,336 crore) in the last 24 hours, CoinMarketCap data shows.

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“The market has come under selling pressure, with Bitcoin struggling to consolidate above the $27,000 (roughly Rs. 22 lakh) level, indicating a temporary dominance by bears. However, it is worth considering Bitcoin's historical performance. For instance, after China's ban on exchanges in September 2017, BTC prices soared by nearly 500 percent. Therefore, short sellers should exercise extreme caution. Furthermore, the decline in dollar reserves to 58 percent and the increase in gold reserves to 15 percent held by banks make this a critical juncture for Bitcoin,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

Meanwhile, only a small number of cryptocurrencies managed to mint profits.

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

Google searches for cryptocurrency related keywords have sunk to a 29-month low in the backdrop of the ongoing fluctuations impacting the sector.

The Crypto Fear and Greed index has also remained “neutral” around the score of 53 for over a month now, indicating that the activity in the sector remains majorly 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 overall crypto market.

“While some altcoins such as ETH and Lido (LDO) managed to recover from the previous fall in value as well, this price movement hasn't been mirrored by several altcoins that failed to respond in a similar manner. There are several developments however, paving the way for a more interconnected and secure future of financial transactions. Banking infrastructure giant, SWIFT's collaboration with blockchain infrastructure firm Chainlink marks a significant step towards enhanced 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 named Vijay Ayyar as the vice president of international markets.

Apple's annual developer conference is just around the corner. From the company's first mixed reality headset to new software updates, we discuss all the things 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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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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