Crypto Market Hovers Near Flatline, Bitcoin Pinned at $40,000

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Created by TradeOr

3rd Party Analysis 16 Jun 2021

Key Takeaways

  • Bitcoin trading with low volatility on Wednesday, floats around $40,300
  • Although bitcoin is positive for the month, the quarterly result so far shows a 30% decline

Crypto Market Hovers Near Flatline

The cryptocurrency market is in a range for a second straight day after market participants failed to sustain the upward momentum yesterday. On Tuesday, bitcoin’s price was not able to end a third straight day in positive territory and declined by about 1%, finishing the session at $40,100, down from an opening price of around $40,500.

The largest digital currency received a solid boost of confidence over the past couple of days. Tesla and SpaceX CEO Elon Musk, MicroStrategy CEO Michael Saylor and billionaire hedge fund manager Paul Tudor Jones shared their crypto outlook. All three favored the crypto token in one way or another and in return, bitcoin’s price shot up over 15% in two days. The rally, however, now seems to have faded as market participants are waiting for a new catalyst that would provide fuel for another leg up.

Bitcoin and its Peers Still Struggling

Today, bitcoin remains consolidated in the area of $40,100 to $40,400. Presently, bitcoin floats in the green, higher by about $100 to a current market price of $40,250. Still, bitcoin remains near its weekly highs and is also positive for the month, up almost 10% month-to-date.

Other coins are also lacking significant swings in either direction. On Wednesday, ether is trading relatively unchanged at $2,500. The Ethereum token is moderately to the downside, positioned to end a second down day after it snapped a three-day winning streak yesterday.

Dogecoin, the token praised by Elon Musk that now commands a market valuation of over $40bn, has been sliding for a second day. The Shiba Inu-coin is now trading at roughly $0.32, down from $0.34 on Monday.

Bitcoin and its peers are still struggling under the pressure that overwhelmed the crypto space in mid-May. Although, bitcoin is off its recent lows near the $30,000 mark, the whole market received a solid blow and it would take stronger firepower to turn the quarterly result. So far in the second quarter, the price of bitcoin has declined about 30%.

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