After facing tough market days throughout May, the cryptocurrency market entered the month of June with some gains and some losses. Bitcoin opened on Wednesday, June 1, with slight losses on national and international exchanges. According to India’s CoinSwitch Kuber, BTC is worth $33,234 (approximately Rs 25,000) after suffering a slight decrease of 0.25 percent. The world’s number one cryptocurrency fell by more than one percent on international exchanges such as CoinMarketCap and Binance, bringing its value to around $31432 (about Rs 24 lakh).
A thread behind Bitcoin, Ether has also seen a slight decrease in the price ladder. According to cryptocurrency price tracker Gadgets 360, ETH is down 2.75 percent to open trading at $2,029 (approximately 1.5 rupees).
A large number of popular cryptocurrencies started on the first day of the new month with small losses.
These include Solana, Polkadot, Avalanche, Polygon and others.
Despite Elon Musk announcing the opening of SpaceX’s DOGE payments, memecoin failed to make any gains.
The market action of Shiba Inu has remained riddled with losses amid the supposed exit of its anonymous creator Ryoshi from the crypto world.
Meanwhile, stablecoins like Tether and USD Coin maintained the green color on the cryptocurrency price charts along with a few others like Binance Coin, Cardano, and Ripple.
Industry insiders are not worried about the slight losses that Bitcoin could incur.
“Bitcoin’s long-running narrative as a store of value and inflation hedge is once again becoming prominent as low-end buyers return for potential value growth,” Indian cryptocurrency exchange CoinDCX told Gadgets 360.
Experts remain optimistic about the long-term growth trajectory of digital assets.
The current global cryptocurrency market capitalization is $1.30 trillion (about Rs 100,99,574 crore), according to CoinMarketCap. The figure was lower at $1.25 trillion (~Rs.97,50,067 crore) as of May 30.
The gradual adoption of cryptocurrencies continues to grow, regardless of whether daily market movements end in losses or profits.
MoneyGram, one of the world’s largest money transfer platforms, allows users to send USDC stablecoins, while allowing the recipient to cash them in fiat currencies.
The digital central bank currency sector is also experiencing healthy developments in various parts of the world.
The Central Bank of Russia (CBR) has also decided to accelerate the development of its digital ruble in response to the sanctions imposed on the country since the invasion of Ukraine.
China, in an effort to drive the digital yuan’s adoption of the Chinese yuan, is very much preparing for a massive token airdrop in Shenzhen.
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.