The crypto market maintained its lackluster trajectory in the third week of June with cryptocurrencies showing mixed prices in the coming week. Bitcoin saw a minor increase of 0.32 percent on Monday, June 17, according to CoinMarketCap. Additionally, the price of this property on the international stock exchanges is $66,426 (roughly Rs. 55.4 lakh). Meanwhile, on Indian exchanges such as WazirX and CoinSwitch, Bitcoin is valued at $71,504 (roughly Rs. 59.7 lakh). Assets have been stagnant between these price points for some time, and no major stimulus is expected to result in changes anytime soon.
“Bitcoin price movement is uniform. Its nearest support level lies at $64,825 (roughly Rs. 54 lakh), while the next point of resistance awaits at $66,978 (roughly Rs. 66.9 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.
Ether rose by 3.45 percent on Monday. Additionally, Ether is currently trading around a price point of $3,232 (roughly Rs. 2.70 lakh).
“ETH saw a sharp comeback this week, finding support at its key 50-day moving average (SMA) around $3415 (Rs 2.85 lakh approx). The next hurdle for the bulls is the 20-day EMA which currently stands at $3,612 (roughly Rs. 3 lakh). However, a break below the 20-day EMA and a daily close below the 50-day SMA could trigger another decline towards the key support zone around $2,850 (Rs. 2.38 lakh approx),” Rajagopal Menon, Vice President, WazirX told Gadgets360. .
Cardano, Tron, Polkadot, Chainlink, Uniswap, Near Protocol and Polygon reflected gains.
Litecoin, Leo, Stellar, Cosmos and Underdog also recorded smaller gains.
The total capitalization of the crypto market increased by 0.44 percent in the last 24 hours. This puts the crypto sector’s valuation at $2.42 trillion (roughly Rs. 2,02,14,054 crore), CoinMarketCap showed.
A bunch of cryptocurrencies also posted losses on Monday. These include Tether, Ripple, Dogecoin, Shiba Inu and Avalanche.
Price drops also hit Cronos, Bitcoin SV and Elrond.
“Despite a strong labor market, the US, the largest consumer base for cryptocurrencies, is cautious about its investments in the altcoin market. California is set to host a meeting in Washington on crypto-asset regulation that is being touted as the most significant all-stakeholder event to date. This is a precursor to the US election where crypto will be a significant pivot for both parties,” Menon added.
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