The ongoing slump in the crypto market has left investors high and dry. As June progresses into its last leg, cryptocurrencies have begun to show signs of recovery. Bitcoin on Tuesday, June 21, stepped inside the trading arena with 2.55 percent profits. As per Indian exchange CoinSwitch Kuber, BTC is currently priced $21,937 (roughly Rs. 17 lakh). Small gains also touched Bitcoin on international exchanges. As per Binance and Coinbase, Bitcoin values grew by around three percent, taking its price to $20,584 (roughly Rs. 16 lakh).
For now, Ether prices remain below the mark of Rs. 1 lakh. Today, ETH treaded behind Bitcoin to see profits. After registering gains of 4.9 percent, ETH prices are currently hovering around $1,196 (roughly Rs. 93,344), as per Gadgets 360's crypto price tracker.
Majority cryptocurrencies seemingly broke out of their loss spells to reflect greens on the price charts.
Tiny profits added to the values of Binance Coin, Cardano, Solana, Polkadot, and Polygon.
Interestingly, Dogecoin and Shiba Inu also grew in prices.
Only a few cryptocurrencies saw losses today, which include Tether, USD Coin, Litecoin, and Bitcoin Cash.
At this point, the total market cap of the crypto sector is $904 billion (roughly Rs. 90,483 crore). Despite this value slipping down from the trillion-dollar valuation, experts are hoping for a gradual market recovery in these times of economic slowdown.
“Bitcoin continues to hold strong above the $20,000 (roughly Rs. 15 lakh) mark after a momentary dip over the weekend as mounting worries of an inevitable US recession is expected to hit this year as predicted by economists at Nomura Holdings,” CoinDCX Research Team.
“Even major stock markets in the Gulf recorded a decline in early trade at the start of the week due to concerns over global equities and oil prices. As the bearish market continues to plague TradFi, there is opportunity and optimism that digital assets—often seen as a hedge against uncertainty—can serve as a long-term safe haven for investors amidst ongoing uncertainties.”
Nayib Bukele), the President of El Salvador had also asked investors to stay patient during this crypto slowdown earlier this week.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.