Cryptocurrency price today: On June 2, Thursday, the cryptocurrency market fell again after seeing a glimmer of hope over the past few days, mimicking stock market trends. Major cryptocurrencies, including Bitcoin, corrected themselves and as a result wiped out all the gains they made a few days ago. The global cryptocurrency market was standing at $1.24 trillion, down 4.26 percent over the past 24 hours, as the situation remained volatile.
The South Korean government will form a Digital Asset Commission, targeting early this month, to oversee the digital asset market. Specific parameters of the commission include the provision of criteria for the inclusion of currencies by exchanges, the introduction of measures to protect investors and the control of unfair trading. This is a welcome step for the industry in achieving greater regulatory clarity in the space. The research team at CoinDCX said that it is not only a necessary step for digital assets to reach mainstream adoption, but it also represents a great opportunity for the cryptocurrency industry to truly mature and thrive.
Bitcoin fell below $30,000 levels again during the early hours, but later managed to cross the mark. Today, the price of Bitcoin is down 4.61 percent to stand at $30,139.37 at the time of writing. On the other hand, the price of Ether today settled at $1,836.98, down by 5.23 percent over the past 24 hours.
“Bitcoin corrected nearly 6% yesterday, falling below $30K again. BTC made a slight recovery in the past two days as it rose above $32,000 but the momentum was short-lived as the dollar index regained some ground. Daily trend continues. Bitcoin is in transit of the descending triangle pattern,” noted WazirX Trade Desk.
“BTC’s next resistance is expected at $40,000 and immediate support is expected at $26,800. Bitcoin needs to break the $40K level to see any significant bullish rally. Until then, BTC may continue to consolidate between $28K to $40K. dollar.
As US stocks continued another correction day, the cryptocurrency markets followed a similar path. Darshan Bateja, CEO and co-founder of Fold, said that with the high correlation between Bitcoin and the S&P 500, the odds of traders remaining bullish on the cryptocurrency were lower.
“Market performance is tied to global markets. New L1 majors such as Solana and Avax are down 80-90% of ATH as they were bought on speculation during the bull market, and we are seeing investors exit these positions. We have to,” said Om Malviya, President of Tezos India. To wait for that trigger point to see everything turn green again.”
Here are the top 10 cryptocurrencies and their prices on June 1, 2022 (according to data from coinmarketcap.com)
Bitcoin $30,139.37 or 4.61 percent loss in the past 24 hours
Ethereum $1,836.98 or 5.23 percent loss in the last 24 hours
Limit 0.9993 USD or 0.00 percent loss in the last 24 hours
USD Coin gained $1.00 or 0.03 percent in the last 24 hours
$305.07 billion, or a loss of 3.63% over the past 24 hours
Cardano $0.5816 or 4.09 percent loss over the past 24 hours
XRP $0.398 or 4.28 percent loss in the last 24 hours
Binance $0.9998 or 0.20 percent loss in the last 24 hours
Solana $40.32, or a 9.72 percent loss in the past 24 hours
Dogecoin $0.0816 or a loss of 6.21 percent in the past 24 hours