Bitcoin’s value has been quite stagnant for several days, despite market swings hitting other altcoins on a daily basis. On Wednesday, June 8, Bitcoin was still trading at $31,651 (about Rs. 24.5 lakh), despite a small gain of 1.13 percent, Indian exchange CoinSwitch Kuber showed. The world’s oldest cryptocurrency has also shown minor signs of recovery on international exchanges. According to Binance and Coinbase, BTC values are hovering around $29,968 (about Rs. 23 lakh).
Ether managed to rake in a small gain of 1.95 percent, bringing its value to $1,891 (about Rs. 1.5 lakh), the crypto price tracker of DailyExpertNews mirrored Wednesday morning.
Among other altcoins showing signs of recovery, Binance Coin, Cardano, Avalanche, and Polygon topped the crypto list.
The values of Litecoin, Shiba Inu and Uniswap also rose a bit with small gains, turning green again in the crypto charts.
According to industry experts, the ongoing global economic slowdown has left investors with low risk appetite, also subjecting cryptocurrencies to skepticism, causing the market to lose momentum.
At present, the total market cap of the crypto industry stands at $1.23 trillion (approximately Rs. 96,29,342 crore).
The crypto market relies on major investors to fund the industry during these low days where individual investors are pulling out of depositing money in risky assets.
Testifying to the growing institutional adoption and adoption of crypto, US electronic trading giant Citadel Securities has decided to build a “cryptocurrency trading ecosystem” with backing from high-frequency trading and market-making firm Virtu Financial.
Aiming to streamline access to liquidity pools for digital assets, this initiative will see the convergence of multiple industry players and stakeholders – a positive sign of the industry’s steady progress towards maturity and continued growth.
“We are encouraged by the innovation and development we are seeing in space, and look forward to the day when crypto becomes a mainstay of global economies,” the CoinDCX Research Team told DailyExpertNews.
Meanwhile, stablecoins such as Tether, USD Coin and Binance USD are struggling to cope with the financial turmoil caused by the rise in US interest rates amid fears of a recession.
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in the article is not intended as financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by DailyExpertNews. DailyExpertNews is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.