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Crypto Market Update: A Bearish Weekend May Just Have Started!

Crypto Market Update

CAUTION TRADERS!! A Bearish Weekend May Just Have Started, What’s Next for BTC Prices?

Bitcoin prices slipped below INR 23 lakhs, the last trading day and since then bears are trying very hard to keep the prices restricted. While BTC price still being above the crucial support, most of the altcoins have dropped heavily, close to a double-digit figure. On the other hand, Ethereum prices also slumped below INR 1,50,000 and stablecoins are appearing pretty strong in the current bearish trend.

Internet Computer (ICP), Solana(SOL) & Kadena(KDA) are the top three losers with 15.61%, 12.62% & 10.38% drop. Secondly, the popular tokens like TerraClassic(LUNC), STEPN(GMT), Optimism (OP) & Cardano (ADA) also face a notable slump of 7.01%, 5.60%, 17.28% & 8.28% respectively. The weekend is expected to squeeze more gains, as Bitcoin prices are again at the same crucial levels. 

CRYPTO PRICES TODAY 

Price Trend  Price for June 04, 2022  Percentage change 
The global crypto  market cap  $1,222,606,018,776 
The total crypto market volume $62,333,580,969
Bitcoin Price $29,686.79 -2.50%
Ethereum Price  $1,766.98 -2.91%

*All prices are latest by 10:00, 04 June 2022.

Check out the Latest Crypto Prices, Charts, and Data of your favorite coin.

CRYPTO PRICE PREDICTION FOR THE DAY

Zilliqa (ZIL)

Zilliqa’s price had reached the double-digit figure in the last week of April, but the price collapsed hard in the last few days. However, the price did attempt to recover but eventually dropped extremely hard to reach the lowermost levels around INR 3.5. Since then the asset is consolidating and unable to range above INR 4.55 but has not dropped below INR 3.57 either.

The volume since the beginning of the week has dropped significantly and hence it has largely impacted the price which is hardly displaying any movement. As the star crypto Bitcoin is just jumping on and below INR 23.5 lakhs, it is pretty hard for the markets to gain some momentum. Therefore, the ZIL prices may continue hovering within the narrow braces until the market conditions remain shaky.

Additional Read: ZIL Price Prediction in Detail

TOP GAINERS AND LOSERS TODAY

TOP 3 CRYPTO GAINERS  

Crypto Price* Percentage Change
STP Network (STPT) INR 5.29 +23.07%
Helium (HNT) INR 723.26 +4.45%
MyNeighborAlice (ALICE) INR 236.26 +2.91%

*All prices are latest by 10:00, 04 June 2022.

TOP 3 CRYPTO LOSERS 

Crypto Price* Percentage Change
Internet Computer (ICP) INR 639.38 -12.89%
Solana (SOL) INR 3,058.48 -8.03%
Synthetic Network Token (SNX) INR 218.45 -7.31%

*All prices are latest by 10:00, 04 June 2022.

Crypto Market Buzz

Japan Passes Stablecoin Bill Aimed at Protecting Crypto Investors

Japan’s Parliament has passed a new law to help create a regulatory framework for stablecoins defining them as money. The upper house of the country’s parliament passed a landmark law clarifying the legal status of stablecoins, essentially defining them as digital money, per a Bloomberg report Friday. Under the new legislation, which will come into effect in 2023, stables must be linked to the yen or another legal tender so holders have the right to redeem them at face value.

Source: Decrypt

Over 200K BTC stored as ETPs and other institutional products

Despite the crypto crash, Bitcoin has managed to stay afloat as investors have shown their interest in Bitcoin ETPs’ as per Arcane research. Bitcoin ETPs, including products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now have 205,000 BTC under their control. 

Source:  Cointelegraph

Web3 News Global

ApeCoin Community Votes to Stay on Ethereum’

A proposal made by the ApeCoin DAO to stay on the Ethereum network has gained optimum community support.  Yuga Labs’ suggested that ApeCoin should migrate to its own chain for better scalability. The community has voted in favor of ApeCoin to stay on the Ethernet network.  The CEO of Avalanche tweeted that ApeCoin would be an excellent addition to the Avalanche ecosystem, but the community is not willing to leave the original chain. 

Source: Crypto Briefing

NEW COIN LISTING ON COINDCX 

New Coin Market Capitalization Circulating Supply
SKALE Network (SKL) $232,385,694 3.53B SKL
Livepeer (LPT) $286,626,095 23,933,864.92 LPT
Moonbeam (GLMR) $358,691,639 275,971,147.00 GLMR
STEPN (GMT) $603,983,216 600,000,000.00 GMT

*All prices are latest by 10:00, 04 June 2022.

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