Crypto Price Today: Bitcoin nears $26,500; Ethereum slips below $1,850; Polygon & Solana rise up to 3%
Bitcoin posted some recovery and gained about a per cent to rise near the $26,500 mark, while Ethereum was also in green, but barely higher, to remain below the $1,850 mark once again.
- Jun 9, 2023,
- Updated Jun 9, 2023 1:56 PM IST
Bitcoin and other top crypto tokens were trading mixed on Friday, not moving much after lawsuits by the Securities and Exchange (SEC) against exchange giants Binance and Coinbase earlier this week. Also, ongoing concerns about inflation and central bank hawkishness weighed on the sentiments. Bitcoin posted some recovery as the largest crypto token gained about a per cent to rise near the $26,500 mark. Its largest peer, Ethereum, was also in green, but barely higher, to remain below the $1,850 mark. Other altcoins were mixed but the movement was seen as limited. "The crypto market has experienced volatility this week, with Bitcoin and Ethereum trading around $26,400 and $1,840 respectively. Web3 initiatives in Asian countries have started reflecting. On-chain data indicates that Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets," said CoinDCX Research Team. "American entities now hold 11 per cent less Bitcoin than they did in June 2022, while Asian entities have increased their holdings by nearly 10 per cent during the same period. The declining US dominance began in 2021 and turned negative in mid-2022, coinciding with the collapse of the Terra/Luna ecosystem and heightened regulatory pressure," it further said. Top crypto tokens were trading mixed on Friday, but the move was capped on other sides. Polygon topped among the gainers, rising 3 per cent. Solana was up 2 per cent, while XRP and Tron added over a per cent, each. Among the losers, Shina Inu, BNB and Litecoin were down a per cent, each. The global cryptocurrency market cap was trading higher, rising up to the $1.11 trillion mark as it added about half-a-per cent in the last 24 hours. However, the total trading volumes tumbled more than 31 per cent to $26.26 billion.
Crypto markets have traded sideways in the last 24 hours. The crypto fear and greed index continues to maintain yesterday’s position right in the middle of the scale with 50 points, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
Recent jobs data from the US may offer slight respite for the crypto markets. The latest data indicate that the labor market is beginning to showcase favourable results which are aligned to FOMC’s course of prescribed measures. This could increase the likelihood of the the Feds pausing their streak of interest rate hikes, impacting market performance he said.
Tech View by Giottus Crypto Platform
BNB is facing turbulence following SEC’s lawsuit. After attempting a breakout at $285 levels, it is now trading at $260 levels. There is a possibility that the price will drop even more to $250 levels in the next few days. If BNB manages to break the resistance level at $285 after retracements, it will be bullish for the short-term. With sufficient buying activity, a break above $300 will lead to a target of $340. BNB’s RSI is currently at 21.4, indicating that the asset is currently in an oversold range. If BNB is unable to break through the $285 barrier, $250 serves as an early support level, with strong support at $220. Major Levels: Support: $250, $220 Resistance: $285, $300, $340
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Bitcoin and other top crypto tokens were trading mixed on Friday, not moving much after lawsuits by the Securities and Exchange (SEC) against exchange giants Binance and Coinbase earlier this week. Also, ongoing concerns about inflation and central bank hawkishness weighed on the sentiments. Bitcoin posted some recovery as the largest crypto token gained about a per cent to rise near the $26,500 mark. Its largest peer, Ethereum, was also in green, but barely higher, to remain below the $1,850 mark. Other altcoins were mixed but the movement was seen as limited. "The crypto market has experienced volatility this week, with Bitcoin and Ethereum trading around $26,400 and $1,840 respectively. Web3 initiatives in Asian countries have started reflecting. On-chain data indicates that Asia has surpassed the United States in terms of active capital in Bitcoin and crypto markets," said CoinDCX Research Team. "American entities now hold 11 per cent less Bitcoin than they did in June 2022, while Asian entities have increased their holdings by nearly 10 per cent during the same period. The declining US dominance began in 2021 and turned negative in mid-2022, coinciding with the collapse of the Terra/Luna ecosystem and heightened regulatory pressure," it further said. Top crypto tokens were trading mixed on Friday, but the move was capped on other sides. Polygon topped among the gainers, rising 3 per cent. Solana was up 2 per cent, while XRP and Tron added over a per cent, each. Among the losers, Shina Inu, BNB and Litecoin were down a per cent, each. The global cryptocurrency market cap was trading higher, rising up to the $1.11 trillion mark as it added about half-a-per cent in the last 24 hours. However, the total trading volumes tumbled more than 31 per cent to $26.26 billion.
Crypto markets have traded sideways in the last 24 hours. The crypto fear and greed index continues to maintain yesterday’s position right in the middle of the scale with 50 points, said Parth Chaturvedi, Investments Lead, CoinSwitch Ventures.
Recent jobs data from the US may offer slight respite for the crypto markets. The latest data indicate that the labor market is beginning to showcase favourable results which are aligned to FOMC’s course of prescribed measures. This could increase the likelihood of the the Feds pausing their streak of interest rate hikes, impacting market performance he said.
Tech View by Giottus Crypto Platform
BNB is facing turbulence following SEC’s lawsuit. After attempting a breakout at $285 levels, it is now trading at $260 levels. There is a possibility that the price will drop even more to $250 levels in the next few days. If BNB manages to break the resistance level at $285 after retracements, it will be bullish for the short-term. With sufficient buying activity, a break above $300 will lead to a target of $340. BNB’s RSI is currently at 21.4, indicating that the asset is currently in an oversold range. If BNB is unable to break through the $285 barrier, $250 serves as an early support level, with strong support at $220. Major Levels: Support: $250, $220 Resistance: $285, $300, $340
(Views and recommendations given in this section are the analysts' own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)