The crypto market has seemingly entered a period of consolidation after a turbulent last week that saw a feud unfold between Donald Trump and Elon Musk. On Monday, June 9, Bitcoin reflected a minor loss of 0.14 percent on international exchanges. At the time of writing, Bitcoin was trading at $105,457 (roughly Rs. 90.3 lakh) on international exchanges. The most expensive crypto asset logged a loss of under one percent on Indian exchanges as well. As per CoinDCX and CoinSwitch, BTC is retailing at $107,330 (roughly Rs. 92 lakh).
“With a major US jobs report coming up, macro uncertainty could stir things up again. So, for now, we’re neutral to cautiously optimistic. We’ll be watching closely to see if BTC holds key levels or starts building momentum again. The bigger trend still looks intact — this may just be a breather after a strong run,” Srinivas L, CEO, crypto investment firm 9Point Capital told Gadgets 360 commenting on the market situation.
Ether dropped by 1.05 percent in the last 24 hours to trade at $2,486 (roughly Rs. 2.12 lakh) on international exchanges. The asset also logged losses of under two percent on Indian exchanges to trade at around $2,554 (roughly Rs. 21.8 lakh).
“Ethereum is drawing attention, with spot ETFs seeing four consecutive weeks of inflows totaling over $856 million (roughly Rs. 7,321 crore). But this week belonged to Bitcoin’s resilience. The broader market is watching closely, and BTC’s ability to defend support levels signals that the bull cycle remains alive beneath the surface,” said Avinash Shekhar, Co-Founder and CEO of the Pi42 exchange.
The crypto price tracker by Gadgets 360 showed price dips next to most altcoins on Monday.
These include Tether, Binance Coin, Dogecoin, Tron, Leo, and Stellar.
Other crypto assets that settled in small losses include Shiba Inu, Monero, Uniswap, Near Protocol, Cosmos, Polygon among others.
The overall crypto market cap saw a slight dip of 0.16 percent in the last 24 hours. At present, the valuation of the sector stands at $3.29 trillion (roughly Rs. 2,81,47,430 crore), data by CoinMarketCap showed.
“Investors should stay vigilant and continue Dollar-Cost Averaging (DCA) for long-term wealth,” Himanshu Maradiya, Founder and Chairman, CIFDAQ told Gadgets 360. The process of DCA involves a consistent practice of investments regardless of market conditions.
Meanwhile, Solana joined Ripple, Bitcoin Cash, Cronos, Iota, and Augur to hold onto minor profits on the price charts on Monday.
“Analysts are drawing parallels between Bitcoin’s current market structure and gold’s legendary breakout in the early 2000s. If history repeats itself, they argue, Bitcoin could follow a similar trajectory — with the $150,000 (roughly Rs. 1.28 crore) target once again looking achievable,” Harish Vatnani, Head of Trade, ZebPay told Gadgets 360.
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.
