The crypto market is undergoing a period of volatility amid rising global tensions. Bitcoin on Monday, June 23, reflected a price dip of over one percent to trade at $101,270 (roughly Rs. 87.8 lakh) on international exchanges. On Indian exchanges, Bitcoin’s price dropped by about one percent bringing its value to $104,000 (roughly Rs. 90.9 lakh). The dominance of Bitcoin over the crypto market presently stands at 64.9 percent.
“Bitcoin fell amid rising global tensions. As Crude oil price opened up higher on Monday, it will be interesting to see the development from Iran’s side if they escalate the current situation. With a feared closing of the Strait of Hormuz by Iran, BTC can fall further down to around $98,000 (roughly Rs. 85 lakh),” the CoinSwitch Markets Desk told Gadgets 360.
Ether value fell by 2.15 percent on international exchanges. At the time of writing, ETH was trading at $2,234 (roughly Rs. 1.93 lakh) on CoinMarketCap. On Indian exchanges, the value of ETH tumbled by under two percent to reach $2,330 (roughly Rs. 2.02 lakh).
“The sharper fall in Ethereum signals a risk-off approach from market participants amid global macro uncertainties and tightening liquidity. This phase highlights that institutional and retail capital is gravitating towards assets with stronger fundamentals and higher liquidity,” said Avinash Shekhar, Co-Founder and CEO, Pi42.
The crypto price tracker by Gadgets 360 shows most altcoins trading in the reds on Monday.
These include Tether, Binance Coin, Solana, Dogecoin, Cardano, and Chainlink.
“Market structure shows a short-term downtrend with lower highs and lows; possible bear flag forming. Altcoins, especially small caps and AI tokens, dropped 17–20 percent this week. Volatility expected to persist due to geopolitical tensions and market fragility,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.
Stellar, Avalanche, Shiba Inu, Litecoin, Monero, Uniswap, and Cronos also clocked losses alongside BTC and ETH on Monday.
The overall crypto market cap slipped by 1.35 percent in the last 24 hours on international exchanges. Data by CoinMarketCap shows that the present crypto market valuation stands at $3.11 trillion (roughly Rs. 26997085 crore).
“On-chain data shows long-term holders stepping in while short-term sellers retreat. Historically, this kind of shift tends to happen near market bottoms, indicating a trend reversal in the market,” Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.
Meanwhile, Leo, Polygon, Iota, and Braintrust managed to retain miniscule gains on the price charts.
“Altcoins and memecoins are bleeding, while even DOGE and XRP hit 2-month lows. Yet amid the chaos, states like Texas push strategic BTC reserves, and JPMorgan pilots on-chain settlement. Long-term conviction is tested, but disciplined accumulation during panic often sows the seeds of future wealth,” said Himanshu Maradiya, Founder and Chairman of the CIFDAQ exchange, advising investors to do their due diligence before investing.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
