The events of the previous week sparked conducive sentiments in the cryptocurrency sector, and we’re excited to see what this month has in store. Before you begin, check out our Weekly Crypto Updates.
According to CoinMarketCap, the current market cap is ₹201.92 Trillion on 17 June. Meanwhile, in the past few months, even the top-performing coins have been seen struggling and trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹5,540,586.48, reflecting a 0.46% surge within the last 24 hours with a marginal drop of 4.68% over 7 days. Talking about Ethereum, ETH is currently valued at ₹299,518.16, showing a 1.28% surge in the past 24 hours, with a ground-breaking drop of 2.70% over 7 days.
Weekly Crypto Updates: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Toncoin (TON), Uniswap (UNI), and Lido DAO (LDO).
In the past week, the price of Toncoin (TON) showed a 10.23% jump. Moreover, the token also experienced a marginal surge of 1.27% in the past 24 hours. The token is currently trading at the price of ₹657.04.
Talking about Uniswap (UNI), the token illustrated a 13.67% spike as compared to other major cryptocurrencies. However, UNI has shown a 1.76% drop in the past 24 hours, trading at a price range of ₹928.11.
In addition, the Lido DAO (LDO) token jumped by 13.91% in the last 7 days. Moreover, in the past 24 hours, the token also surged by more than 8.34%. In addition, the price of the LDO token is trading at ₹179.02.
Top Crypto Gainers & Losers
The past week remains one of the most stressful weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:
Why Crypto Market is Consolidating?
In the last week, the crypto market has seen two big statistics from the US government: the US CPI and the PPI. Both surveys revealed an increase in inflation in the United States economy. Aside from that, the conclusion of the FOMC minutes influenced the attitudes of global cryptocurrency traders.
Furthermore, the recent money laundering claims against US presidential candidate Donald Trump impacted big institutions and US crypto investors. Finally, the deadline for the US SEC to approve the S-1 applications of numerous Spot Ethereum ETFs is approaching. All of these occurrences have caused the cryptocurrency market to trade in a concentrated manner.
Weekly Crypto Updates: Trending News From the Last Week
▪️ Terraform Labs has agreed to pay the US SEC approximately $4.47 billion as part of a settlement with the government. The entire penalties include restitution fines of almost $3.6 billion, a civil penalty of $420 million, and prejudgment interest of nearly $467 million.
▪️ The Australian Securities Market (ASX), Australia’s largest stock market, has authorized the first spot Bitcoin exchange-traded fund (ETF), which will begin trading on June 20.
▪️ MicroStrategy, an American information technology corporation, has disclosed the price of a new $700 million debt offering due in 2032, which it intends to use to buy additional bitcoin.
️SunCrypto Views
The recent consolidating trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial losses and degrading investor confidence. This development reflects optimistic institutional interest and technological advancements.
Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent consolidating trend is encouraging, it’s critical to approach the cryptocurrency market with care and a long-term mindset.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].
