BTC Stays Stuck to $31,000-Mark, Most Altcoins Show Movement Towards Recovery

Bitcoin is still trading at $31,651 (roughly Rs. 24.5 lakh) despite registering a minor gain of 1.13 percent on Wednesday, June 8.

By Radhika Parashar | Updated: 8 June 2022 11:09 IST

BTC Stays Stuck to $31,000-Mark, Most Altcoins Show Movement Towards Recovery

Photo Credit: Pixabay/ Sergei Tokmakov

The total market cap of the crypto industry stands at $1.23 trillion

Highlights

Litecoin, Uniswap saw gains
Shiba Inu reeled-in profits
Tether, USD Coin lost values

The value of Bitcoin has been quite stagnant for some days now, despite market fluctuations touching upon other altcoins on a daily basis. On Wednesday, June 8, Bitcoin was still trading at $31,651 (roughly Rs. 24.5 lakh) despite registering a minor gain of 1.13 percent, Indian exchange CoinSwitch Kuber showed. The world's oldest cryptocurrency has also shown tiny signs of recovery on international exchanges. As per Binance and Coinbase, BTC values are hovering around $29,968 (roughly Rs. 23 lakh).

Ether managed to rope-in a small profit of 1.95 percent, that nudged its value to stand at $1,891 (roughly Rs. 1.5 lakh), the crypto price tracker by Gadgets 360 reflected Wednesday morning.

Among other altcoins that are showing signs of getting back to health, Binance Coin, Cardano, Avalanche, and Polygon emerged on top of the crypto list.

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The values of Litecoin, Shiba Inu, and Uniswap also rose a bit with tiny gains, bringing back greens to the crypto charts.

As per industry experts, the ongoing global economic slowdown has instilled a low-risk appetite among investors, because of which, cryptocurrencies are also being subjected to scepticism causing the market to lose its steam.

At this point, the total market cap of the crypto industry stands at $1.23 trillion (roughly Rs. 96,29,342 crore).

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The crypto market is relying on big investors to fund the industry during these low days, where individual investors are pulling back from pouring money in high-risk assets.

Testifying to the growing institutional acceptance and adoption of crypto, US' electronic trading giant Citadel Securities has decided to build a “cryptocurrency trading ecosystem” with support from high-frequency trading and market-making firm Virtu Financial.

With an objective to streamline access to liquidity pools for digital assets, this initiative will see the coming together of multiple industry players and stakeholders — a positive sign of the industry's steady march towards maturation and continued growth.

“We are heartened by the innovation and development we are witnessing in the space, and look forward to the day where crypto becomes a mainstay of global economies,” the CoinDCX Research Team told Gadgets 360.

Meanwhile, stablecoins such as Tether, USD Coin, and Binance USD are struggling to cope up with financial upheaval caused due to US' rise in interest rates amid recession fears.

What is the best value flagship smartphone? 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: Bitcoin, Ethereum, Binance Coin, Cardano, Avalanche, Polygon, Litecoin, Shiba Inu, Uniswap, Tether, USD Coin, Binance USD, Stablecoins, Cyryptocurrency

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