Cryptocurrency price today: The cryptocurrency market on June 2, Thursday, plunged further after seeing a silver lining in recent days, mimicking stock market trends. Major cryptocurrencies including Bitcoin corrected and consequently wiped out all the gains they had made a few days ago. The global cryptocurrency market stood at $1.24 trillion, down 4.26% in the past 24 hours as the situation remained volatile.
“The South Korean government will form a digital asset committee, targeted as early as this month, to oversee the digital asset market. Specific parameters of the committee include providing criteria for the listing of coins by exchanges, introducing investor protection measures, and monitoring unfair transactions. This is a welcome move for the industry in bringing greater regulatory clarity to the space. Not only is this a necessary step for digital assets to gain mainstream adoption, but it also represents a great opportunity for the crypto industry to mature and truly thrive,” the CoinDCX research team said. .
Bitcoin once again dipped below the $30,000 levels in the early morning, but then managed to break above the bar. Bitcoin price today fell 4.61% to $30,139.37 at the time of writing. On the other hand, Ether price stood at $1,836.98 today, down 5.23% in the last 24 hours.
“Bitcoin corrected almost 6% yesterday, dropping back below the $30,000 level. BTC had made a slight rally over the past two days, breaking above $32,000, but the momentum did not last. long as the dollar index has regained some lost ground. The daily trend for Bitcoin continues to cross in a descending triangle pattern,” noted trade desk WazirX.
“The next resistance for BTC is expected at $40,000 and immediate support is expected at $26,800. Bitcoin needs to break above the $40,000 level to see any significant rally. Until then, BTC may continue to consolidate between $28,000 and $40,000,” he said.
“With US stocks enduring another day of retracement, crypto markets followed a similar path. With the high correlation between BTC and the S&P 500 Index, the chances of traders remaining bullish on cryptocurrencies were lower,” said Darshan Bathija, CEO and co-founder of Vauld.
“The market moves in correlation with global markets. Major newly L1 coins like Solana and Avax are down 80-90% against their ATH as they were bought purely on speculation during the bull market, and we are seeing investors exit these positions. We have to wait for that trigger point for everything to turn green again,” said Om Malviya, Chairman of Tezos India.
Here are the top 10 cryptocurrencies and their prices as of June 1, 2022 (According to data from coinmarketcap.com)
Bitcoin $30,139.37 or 4.61% loss in the last 24 hours
Ethereum $1,836.98 or 5.23% loss in the last 24 hours
Tether $0.9993 or 0.00% loss in the last 24 hours
USD Coin $1.00 or 0.03% gain in the last 24 hours
BNB $305.07 or 3.63% loss in the last 24 hours
Cardano $0.5816 or 4.09% loss in the last 24 hours
XRP $0.398 or 4.28% loss in the last 24 hours
Binance USD $0.9998 or 0.20% loss in the last 24 hours
Solana $40.32 or 9.72% loss in the last 24 hours
Dogecoin $0.0816 or 6.21% loss in the last 24 hours
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