ISLAMABAD
The cryptocurrency market traded sideways on Friday, with the market cap inching up 0.7 percent to reach $1.15 trillion.
Tensions arise from the conflict between the SEC and Binance and Coinbase, while concerns regarding inflation and central bank hawkishness add to the market unease.
As of 1300 hours GMT, Bitcoin (BTC), the world’s most valued token, rose to $26,667 with an increase of 0.5 percent in the last 24 hours. The market capitalisation of the biggest crypto reached $517 billion with this increase. Bitcoin has been 1.7 percent down in the past seven days.
Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, shed 0.1 percent to reach $1,849. With this decrease in price, the market capitalisation of ETH has reached $222.3 billion. ETH has been 2.4 percent down in the past seven days.
Similarly, Binance Coin (BNB) price went further down by 1.1 percent to reach $263. With this decrease in price, the market capitalisation of BNB has reached $41 billion. BNB has shed 14.3 percent of its value during the last seven days.
However, Ripple (XRP) price surged 2 percent to reach $0.533. The market capitalisation of XRP stands at $27.8 billion with this increase. XRP has gained 3.3 percent of its value during the last seven days.
On the other hand, Cardano (ADA) price dipped 2.6 percent to reach $0.321. Its market capitalisation has reached $11.3 billion with this decrease. ADA has shed 14.7 percent of its value in the past seven days.
Other popular altcoins including Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL) saw a mix of red and greens across the board. The Immutable (IMX) token managed to remain the biggest gainer of the lot, with a 24-hour gain of over 5 percent. SUI, on the other hand, became the biggest loser, with a 24-hour dip of nearly 5 percent.
The market has been under pressure since the US Securities and Exchange Commission (SEC) filed back-to-back lawsuits against major crypto exchanges Binance and Coinbase over securities violations in the last few days. Binance.US said on Thursday it is suspending USD deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13.
