courtesy-Moneycontrol
Today shows some green light for cryptocurrencies with Bitcoin at $37,329.93. The overall dominance of Bitcoin in the market drops by 0.40 percent and comes to 41.61%.
Quoted by CNBC, Panigirtzoglou said, “It now seems unlikely that we see this volatility ratio returning to the x2 levels of last summer. The best we can hope for over the medium term is for this volatility ratio to partially revert from around x6 currently to around x4 by year-end.”
There was a surge in the prices of Dogecoin by 28.66% due to a crypto meme tweet by Elon Musk on 2nd June. According to a report by the crypto trading exchange Dogecoin’s 24-hour high record was $0.419919, while its 24-hours low trading was noted to be at $0.311602.
With the global cryptocurrency market cap at $1.68 trillion, an increase of 4.30 percent was witnessed over the last day, while the total volume of the crypto market over the last 24 hours is $109.18 billion, constituting to over a 0.59 percent increase.
Said by Naveen Surya, the Chairman of Fintech Convergence Council and Chairman Emeritus of Payments Council of India (PCI), “Crypto exchange business activity is legal in India today, but it is not formally regulated yet. There are no prescriptive guidelines. We are trying to make sure the serious players can follow the best global practices.”
The overall volume of all stable coins comes to an amount of $89.49 billion, which contributes to 81.96 percent of the total cryptocurrency market’s volume of 24-hour.
As advised by Global Bank JP Morgan institutional investors have so far avoided buying Bitcoin during the current dip in the cryptocurrency’s price.