Crypto market update: Bitcoin floats at $30k mark

By Raffaele Redi

Investors look for clarity on regulations after US senators introduce bipartisan bill

The crypto market was mixed on Thursday (9 June), as investors look for further clarity on potential government regulation.

Key US senators have introduced a bipartisan bill on digital assets aimed at supervising the cryptocurrency environment.

“Bitcoin maintains its high correlation with equities. The focus on inflation continues to drive incremental moves for Bitcoin, but it still remains stuck around the $30,000 level,” said Ed Moya, senior market analyst at Oanda.

​“Cryptos are expected to see the clarity with regulation that should provide guidance on taxes over small transactions and how tokens will be regulated.

“Bitcoin still could form one last major low and that is preventing a lot of money from buying around the $30,000 area. ​Macro conditions won’t improve any time soon, so Bitcoin might have an extended choppy trading period,” he added. ​

BTC stuck around the $30k level

According to Currency.com, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $30,179.70, down 2.97%. It is currently trading at $30,229.

Over the past 24 hours, BTC is trading 0.9% lower, and is 1.1% up over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $576bn, representing about 46.3% of the crypto market capitalisation, while the lead crypto’s trading volume was roughly 41% lower at $24.3bn in the past 24 hours.

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Meanwhile, Ether (ETH), according to Currency.com, ended yesterday at $1,790, down 1.19%. ETH is currently trading at $1,797.

The total crypto market capitalisation has fallen by $17bn from $1.252trn to $1.24trn, a 0.6% fall in the past 24 hours.

Top gainers and losers

According to CoinMarketCap, of the top 100 coins and tokens, Helium (HNT), the native token of the Helium blockchain powering the Internet of Things (IoT) devices, has seen a 6.7% increase over the past 24 hours and is changing hands at $11.43.

On the flip side, Elrond (EGLD), the native token of the Elrond blockchain protocol, recorded more than a 6.1% decrease over the last 24 hours and is trading at $62.96.

Among the crypto coins and tokens with a 24-hour volume greater than $50,000 that have gained or lost the most in a day, Burn to Earn (BTE) witnessed a 861% increase to $0.0000004341, while Saitama, (SAITAMA), was down 93% at $0.000000000372.

All cryptocurrency prices are correct as of 15:45 BST (UTC +1).

Further reading

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