Cryptocurrency Price Today: Bitcoin Dips Below $26,000 For The First Time Since March
Cryptocurrency price on June 6 quick take: The global market cap dipped to $1.09 trillion.
Bitcoin (BTC), the oldest and the most valued cryptocurrency in the world, dipped below the $26,000 mark for the first time since March this year. The recent dip is largely believed to have been caused by the US Securities and Exchange Commission (SEC) suing Binance over securities violation. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw a bloodbath in prices across the board. KAVA emerged to be the biggest gainer, with a 24-hour jump of nearly 10 percent.
The global crypto market cap stood at $1.09 trillion at the time of writing, registering a 24-hour loss of 3.89 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $25,735.35, registering a 24-hour loss of 4.12 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 22.60 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,812, marking a 24-hour dip of 3.23 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.61 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 6.78 percent, as per CoinMarketCap data, currently priced at $0.06669. As per WazirX, Dogecoin price in India stood at Rs 6.05.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 5.97 percent. At the time of writing, it was trading at $87.42. LTC price in India stood at Rs 7,671.76.
Ripple (XRP) Price Today
XRP price stood at $0.5054, seeing a 24-hour loss of 4.93 percent. As per WazirX, Ripple price stood at Rs 44.99.
Solana (SOL) Price Today
Solana price stood at $19.96, marking a 24-hour dip of 7.15 percent. As per WazirX, SOL price in India stood at Rs 1,745.
Top Crypto Gainers Today (June 6)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Kava (KAVA)
Price: $1.09
24-hour gain: 9.58 percent
PAX Dollar (USDP)
Price: $1.00
24-hour gain: 0.44 percent
Gemini Dollar (GUSD)
Price: $0.9966
24-hour gain: 0.12 percent
Dai (DAI)
Price: $0.9999
24-hour gain: 0.11 percent
TrueUSD (TUSD)
Price: $0.9997
24-hour gain: 0.05 percent
Top Crypto Losers Today (June 6)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Pepe (PEPE)
Price: $0.00000101
24-hour loss: 15.57 percent
Terra Classic (LUNC)
Price: $0.00009201
24-hour loss: 15.10 percent
Render Token (RNDR)
Price: $2.25
24-hour loss: 13.48 percent
Sui (SUI)
Price: $0.8127
24-hour loss: 12.62 percent
Conflux (CFX)
Price: $0.2274
24-hour loss: 12.38 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Over the past 24 hours, Bitcoin's value dropped by more than 4 percent, reaching its lowest level since March 16, hovering around $25,750. Despite attempts to surpass the $27,000 mark, BTC was unable to do so and instead tumbled to the $25,000 level due to bearish selloffs triggered by the SEC's announcement of filing a lawsuit against Binance. In a similar vein, Ethereum also suffered a loss of over 3 percent, currently trading at approximately $1,813, which represents its lowest point since May 18.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “Bitcoin is currently still holding around the very important psychological level of sub-$25,700, whereas a bounce back could be likely from here, breaking the same can lead it to $20,000 levels. The SEC’s lawsuit has explicitly called out several popular coins like SOL, ADA, and MATIC as securities causing their price to significantly fall as well. Meanwhile, the largest stablecoin provider Tether has decided to invest in renewable crypto mining operations in El Salvador where BTC is an official currency.”
Rajagopal Menon, Vice President, WazirX, offered his take, "Bitcoin’s fear and greed index continues to be neutral as Binance gets sued by the SEC for violating securities laws in the US, taking the price of Bitcoin down to lowest levels since March. Bitcoin moving averages continue to indicate a ‘Sell’ sentiment up to 100-day levels."
Sathvik Vishwanath, CEO and co-founder, Unocoin said, “Cryptocurrency markets have seen a significant drop following the news that the US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, its US subsidiary, and founder Changpeng Zhao. Bitcoin (BTC) fell 5 percent to hit its lowest levels since March, while Ether (ETH) fell around 4 percent to just above $1,800. Other cryptocurrencies such as BNB, ADA, SOL, MATIC and ATOM also fell by 6-9 percent in the last 24 hours.”
Shivam Thakral, the CEO of BuyUCoin, said, “The latest development between Binance and SEC has spooked the global crypto market resulting in a bloodbath across digital assets. BTC and ETH are down by over 4 percent and 3 percent, respectively, while other popular altcoins witnessed a similar downward trend. The market will respond sharply as the Binance-SEC saga unfolds; we should brace ourselves for a choppy market in the coming weeks. Regulatory clarity is the need of the hour for the global crypto ecosystem.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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