Today’s Crypto Prices Tuesday 7 June 2022: Bitcoin and others Strong Again

Purebun.com – Today’s Crypto Prices Tuesday 7 June 2022: Bitcoin and others Strong Again.

The price of Bitcoin and the top cryptocurrencies was observed to continue strengthening on Tuesday morning, June 7, 2022. The majority of the top cryptocurrencies managed to strengthen slightly and stay in the green zone.

Bitcoin (BTC)

Today's Crypto Prices Tuesday 7 June 2022 Bitcoin and others Strong Again

Based on data from Coinmarketcap, Tuesday (7/6/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) edged up 4.96 percent in the last 24 hours, but weakened slightly by 0.51 percent in the week.

Currently, the bitcoin price is at the level of USD 31,514.22 per coin or equivalent to Rp. 454.9 million (assuming an exchange rate of Rp. 14,437 per US dollar).

Ethereum (ETH)

Ethereum (ETH) is also still strong today. Over the past 24 hours, ETH has narrowly rocketed 3.07 percent. But weakened 5.66 percent in the week. With that said, ETH is currently at USD 1,873.52 per coin.

The next cryptocurrency, Binance coin, which had been perched in the green zone since yesterday, now has to weaken slightly. In the last 24 hours BNB fell 1.18 percent and 7.36 percent for the week, respectively. This makes BNB priced at USD 297.58 per coin.

Then Cardano (ADA) is still strengthening since yesterday. In the past day the ADA was up 7.50 percent and 10.27 percent a week. Thus, ADA is at USD 0.6171 per coin.

Solana (SOL)

Meanwhile, Solana (SOL) also continued to strengthen this morning. Throughout the last one day SOL rose 7.87 percent, but still weakened 9.20 percent for the week. Currently, the price of SOL is at the level of USD 42.96 per coin.

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XRP is still gaining ground today. In the past day, XRP edged up 1.55 percent, but is still down 2.68 percent for the week. That way, XRP is now priced at USD 0.4036 per coin.

Stablecoin Tether (USDT)

Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9993. While USDC is valued at USD 1.00.

Binance USD (BUSD)

Binance USD (BUSD) is down 0.01 percent in the last 24 hours. Now the price of BUSD should drop slightly to the level of USD 0.9997.

Bitcoin Rises, Analysts Warn Prices Potentially Again Sluggish

Previously, Bitcoin and the top altcoins spent half the day on Monday, June 6, 2022, well within the same environment they have been in for the past few months.

According to data from Coinmarketcap, the largest cryptocurrency by market cap, Bitcoin was recently trading right at around USD 31,000, up slightly from a day ago, but still sluggish overall.

Bitcoin has ticked slightly above and below this threshold since early May, as investors nervously await clear signs on the direction of inflation and the global economy.

CEO of BitBull crypto fund manager Joe DiPasquale said Bitcoin remained weak until it decisively broke through the $31,000 to $32,000 range.

“However, we continue to see some buying under $30,000 which is keeping prices afloat,” said DiPasquale, quoted from CoinDesk, Monday, June 6, 2022.

However, crypto traders are still clinging to the bearish trend as evidenced by last week’s decline in the Fear and Greed Index. DiPasquale warns the chances of Bitcoin falling off its current perch are greater than breaking higher.

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“We expect some directional action in the coming weeks, as Bitcoin breaks through its current range or dips in search of lower lows. At the moment, the probability of a decline appearing is higher than a break to the upside,” said DiPasquale.

Ethereum and Other Crypto

Ethereum, the second-largest cryptocurrency by market cap, recently changed hands just above $1,800, up slightly over the same period and within the range it has maintained for the past two fortnight below $2,000.

The other major cryptocurrencies are nearly flat, though mostly on the green side with Cardano (ADA) among the biggest winners rising above 5 percent. Trading was generally light, as in the US it is currently the weekend. Light trading as usual most weekends US time.

The crypto weekend’s hold pattern diverged slightly from the stock index, which closed Friday with the tech-focused Nasdaq falling 2.4 percent and the S&P 500 falling 1.6 percent. Digital assets and stocks have become increasingly correlated in recent months.

On a more upbeat note, Friday’s better-than-expected US jobs report, showing nonfarm payrolls added about 390,000 jobs in May, suggests the economy is far from ready.

Analysts had feared a hike in the US central bank’s interest rates would throw the US economy into recession and in a possible piece of good news for crypto, shares of the ARK Innovations ETF Cathie Wood, which includes crypto exchange Coinbase, have risen more than 15 percent since the second week of May. Wood has been a well-known Bitcoin proponent.

Microstrategy Won’t Sell Reserved Bitcoin

Previously, the CEO of Nasdaq-listed software company Microstrategy, Michael Saylor, shared his Bitcoin views in an interview with Yahoo Finance Live.

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Saylor is still bullish on Bitcoin despite the recent sell-off. He was asked if there was a target price at which Microstrategy would start liquidating some of its Bitcoins. As is currently known, the company holds 129,218 BTC.

“No, we are in it for the long term. Our strategy is to buy bitcoin and hold bitcoin, so there is no price target. I hope we will buy bitcoin in the local top forever,” said Saylor, quoted from Bitcoin.com, Thursday, 2 June 2022.

“I hope bitcoin will hit millions. So, we are very patient. We think this is the future of money,” he continued.

The CEO of Microstrategy also gave his opinion on the recent phenomenon of the crypto network Terra, Luna coin and Terra USD (UST).

“I think the destruction of LUNA, UST, which will accelerate regulation of stablecoins and security tokens, which will be a good thing for the industry,” Saylor said.

“Over time, I think when people are educated and they feel more comfortable, I think we will recover from this downturn,” he said.

Saylor has long been bullish on bitcoin. In February, he said there was evidence of more institutional adoption. Then in November last year, he said bitcoin would emerge as a $100 trillion asset class.

 

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