Bitcoin
Bitcoin Steady at $71,000, Wormhole Becomes Biggest Gainer
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to remain above the $71,000 mark on Wednesday morning, occasionally falling as low as $70,000 but recovering in short order. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – fell into the green across the board as the market’s overall fear and greed index held steady. at 66 (Greed) out of 100, according to data from CoinMarketCap. The Stacks token (STX) emerged as the biggest gainer with a jump of over 9% in 24 hours. Toncoin (TON) became the biggest loser with a drop of almost 7% in 24 hours.
The global crypto market capitalization was $2.63 trillion at the time of writing, recording a 0.15% drop in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at US$71,222.08, registering a jump of 0.20% in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 61.07 lakh.
Ethereum (ETH) price today
ETH price stood at $3,857.69, marking a 1.32% gain in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India was Rs 3.31 lakh.
Dogecoin (DOGE) price today
DOGE registered a drop of 0.70% in 24 hours, according to data from CoinMarketCap, currently trading at US$0.1623. According to WazirX, the price of Dogecoin in India was Rs 13.70.
Litecoin (LTC) price today
Litecoin jumped 1.38% in 24 hours. At the time of writing, it was trading at $85.02. The price of LTC in India was Rs 7,151.
Ripple (XRP) Price Today
The price of XRP stood at $0.5255, registering a jump of 0.09% in 24 hours. According to WazirX, the price of Ripple was Rs 44.94.
Solana (SOL) price today
Solana’s price stood at US$171.32, marking a drop of 1.15% in 24 hours. According to WazirX, the price of SOL in India was Rs 14,506.81.
Top Crypto Gainers Today (June 7)
According to data from CoinMarketCap, here are the top five crypto gainers in the last 24 hours:
Wormhole (W)
Price: $0.7077
24 hour gain: 13.03 percent
JasmyCoin (JASMY)
Price: $0.04153
24 hour gain: 9.63 percent
ORDI (ORDI)
Price: $62.14
24 hour gain: 8.98 percent
Injective (INJ)
Price: $28.38
24 hour gain: 7.06 percent
Toncoin (TON)
Price: $7.67
24 hour gain: 6.30 percent
Top Crypto Losers Today (June 7)
According to data from CoinMarketCap, here are the top five crypto losers in the last 24 hours:
Bitget Token (BGB)
Price: $1.21
24 hour loss: 7.24 percent
Notcoin (NOT)
Price: $0.02119
24 hour loss: 5.73 percent
Bonk (BONK)
Price: $0.00003197
24 hour loss: 4.95 percent
Search.ai (FET)
Price: $2.03
24 hour loss: 4.85 percent
Kaspa (KAS)
Price: $0.1735
24 hour loss: 4.83 percent
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “After surpassing $71,000 on Thursday, Bitcoin is now consolidating around $70,000 as the market awaits the release of US jobs data later. today. If today’s jobs report and Consumer Price Index (CPI) data expected to be released next week align with market expectations, it could potentially take BTC to a new all-time high. The next resistance level is $71,400 with support at $70,100.”
CoinSwitch Markets Desk noted: “Yesterday, Bitcoin (BTC) rose to $71,700 following the European Central Bank (ECB) rate cut. However, the rally was short-lived, BTC fell quickly and almost fell below $70,000 before stabilizing slightly above that mark today. In the same period, Uniswap’s token (UNI), Chainlink’s LINK and Near’s NEAR saw drops of 3% to 5%. Medical device maker Semler Scientific acquired an additional $17 million in Bitcoin, bringing its total holdings to $74 million. The company plans to raise $150 million to buy more Bitcoin. This move follows Semler’s previous $40 million investment in Bitcoin, which led to a 25% increase in its share price.”
Rajagopal Menon, vice president at WazirX, said: “Bitcoin is approaching its March record high, currently just $3,000 lower, driven by a weaker dollar and expectations of rate cuts from the Federal Reserve. The renewed momentum in spot Bitcoin ETFs is significant. Additionally, rate cuts by the Bank of Canada and anticipated cuts by the European Central Bank have further increased optimism about lower global interest rates, supporting Bitcoin’s recovery.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Bitcoin is at $70,900, down 1%, with a pivot point at $70,600 indicating a potential move higher. Resistance levels are at $71,800, $72,500 and $73,100, while support levels are at $70,600, $69,650 and $68,500. A bullish breakout of the symmetrical triangle at $70,600, the 50-day EMA at $69,000 and the RSI of 66 indicate buying interest. However, a double-take near $71,800 calls into question further gains. Increasing buying pressure could take Bitcoin to $72,500. A buy above $70,600 could target $71,800 and $72,500, while a break below $70,600 could signal a downtrend.”
Shivam Thakral, CEO of BuyUcoin, said: “The overall crypto market capitalization has jumped to the $2.63 trillion mark, with crypto heavyweights like Bitcoin and Ethereum leading the charge. Bitcoin surpassed $71K while BTC ETFs witnessed inflows of $880M on Tuesday, which is one of the best days since March for spot ETFs. The increase in investor activity could be a result of the approval of the listing of the Ethereum ETF and the encouragement of developments around digital assets from the ongoing US presidential campaign. If the momentum continues, we could see BTC reaching the $100,000 mark by the end of 2024, as predicted by banking giant Standard Chartered.”
The CoinDCX research team told ABP Live: “The crypto market continued to be mixed, with BTC and ETH moving sideways on shorter time frames. BTC failed to overcome the key resistance level at $71,400. Currently, price action on lower timeframes is mixed while remaining bullish on higher timeframes.”
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