On Wednesday, top crypto coins traded lower after investors cash out their profits from the network following the decent market rally over the past two to three days.
Almost all top ten cryptocurrencies traded with cuts by the early hours of the day, Polkadot being the main loser.
After ending the previous week with unpredictable swings, the virtual markets got a fresh breath after supporting tweets by Elon Musk, who declared that the car company could resume Bitcoin dealings with specific mining conditions. The CEO stated that his firm sold a share of its BTC holdings to test liquidation. For now, crypto enthusiasts are waiting for the next Tesla move as far as Bitcoin is concerned. Remember that the car company plans to adopt BTC again if the mining utilizes at least 50% renewable power.
On the other hand, Goldman Sachs plans to adopt Ether, Ethereum’s native coin, in some months to come. The financial institution plans to offer futures and options trading in ETH.
Meanwhile, some financial experts remain positive about BTC, even after the leading coins lost about 35% over the past month. However, around 80% of the financial pros refer to the crypto market as a bubble. That was after a Bank of America research aiming to analyze crypto adoption.
With the recent regulatory and volatility uncertainty in Bitcoin, some renowned managers remain skeptical about the asset.
Mudrex Co-founder and CEO Edu Patel stated that the entire crypto market indicates stability. The executive admitted that most top coins did not show sharp spikes, but technical indicators show a massive build-up.
Crypto Market at a Quick Glance – June 16
- BTC – $40,086.73, 0.97% drop
- ETH – $2,527.11, 2.29% down
- USDT – $1.00, 0.01% Plunge
- BNB – $361.56, 3.10% fall
- ADA – 41.55, 1.50% decline
- DOGE – $0.3166, 2.99% drop
- XRP – $0.8647, 2.56% down
- USD Coin – $1, 0.03% increase
- DOT – $23.86, 5.30% plunge
- UNI – $23.33, 3.46% drop
For now, MATIC, the 15th largest crypto, has had an impressive run over the past week, indicating increased interest among traders and investors. Mark Cuban support saw the Indian-based crypto surging with new highs.
Stay tuned for more news about the crypto market.
