Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have displayed resilience in the cryptocurrency market despite recent volatility. BTC experienced a minor decline of about 3% due to its strong market position and reputation as the leading cryptocurrency, resulting in a significant BTC consolidation. ETH has shown strength with a modest decline of about 6.% considering that the SEC did not label it as a security for now. XRP also exhibited endurance with a relatively minor decrease of about 3.8% despite regulatory challenges.
In contrast to the resilience of BTC, ETH, and XRP, several major altcoins, including Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polygon (MATIC), have witnessed substantial price declines of over 25%.
With that said, while market sentiment can heavily influence short-term price movements, it is crucial for investors to focus on the underlying technology, adoption, and real-world use cases of cryptocurrencies when making investment decisions.
Opportunities for Informed Investors:
The recent decline in cryptocurrency prices presents an opportunity for investors who have conducted thorough research and understand the potential of these digital assets. While cryptocurrencies can be subject to hype-driven market cycles, informed investors recognize that the core value lies in the technology and its potential impact on various industries.
Taking advantage of low prices during market downturns allows investors to enter positions with the potential for future profits as the market sentiment inevitably shifts.
Other Significant Events of Note:
- Trading platform Robinhood has withdrawn support for Solana (SOL), Polygon (MATIC), and Cardano (ADA), and users will not be able to access these cryptocurrencies starting from June 27.
- Crypto.com will temporarily halt its services for institutional customers in the US from June 21 due to decreased demand and market difficulties.
US House Financial Services Committee updates Draft Bill on Stablecoins:
- The committee has presented a draft bill titled "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem" to regulate stablecoins.
- The bill proposes designating the US Federal Reserve as the primary regulator responsible for setting requirements for stablecoin issuance.
- It empowers state regulators to oversee companies issuing stablecoins, ensuring coordinated and effective regulation, including criteria for issuance and specific requirements for payment stablecoins.
- If passed, the bill would provide comprehensive guidance and oversight for stablecoin markets in the US, marking a groundbreaking development as the first crypto-related legislation in the country.
RISK DISCLOSURE: ⚠️
Digital payment token investments, such as cryptocurrencies, are not guaranteed by service providers or cryptocurrency exchanges and the government. It is crucial to exercise caution in investing, including the awareness that a part or all of the capital may be lost and may not be recovered, especially in cases of high price volatility or down market, bankruptcy, seizures and other factors. Hence, the user’s risk tolerance, investment appetite or capacity for loss should be set firstly, and they should observe safe and knowledgeable investment practices accordingly. For more information, please visit MAS' website.
IMPORTANT NOTE: 📢
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