Cryptocurrency Price Today: Bitcoin, Ethereum and almost all other major crypto coins on Tuesday, June 7, wiped of their previous day’s gains to nosedive into the red zone again as they tracked major losses.
These can potentially imply that there are more people HODLing and looking to accumulate crypto, likely using BTC as a store of value and inflation hedge for the long-term, as opposed to short term speculation.
After a few days of basking in the glory of breaching the $30,000 and $31,000 marks, the world’s largest cryptocurrency Bitcoin on Tuesday again fell to the $29,000 levels.
However, this upsurge was short lived and the crypto markets soon turned red and Bitcoin dropped below 30K within just a few hours.
Another optimistic indicator was the exchange outflow volume: BTC leaving exchange platforms shot up,” said Darshan Bathija, CEO and co founder of Vauld, as Bitcoin had breached the $31,000 mark on Monday.
Other altcoins like Cardano and Solana were trading 6 per cent lower prices in the past 24 hours, while writing this article, while BNB fell by over 8 per cent during the same time frame.