The cryptocurrency market edged lower on Monday amid regulatory challenges and liquidity issues, with the market cap inching down 0.1 percent to reach $1.09 trillion.

By Daily Independent On Jun 12, 2023

As of 1415 hours GMT, Bitcoin (BTC), the world’s most valued token, inched up to $25,800 with an increase of 0.3 percent in the last 24 hours. The market capitalisation of the biggest crypto reached $500.5 billion with this increase. Bitcoin has been 3.4 percent down in the past seven days.

However, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, shed 0.2 percent to reach $1,739. With this decrease in price, the market capitalisation of ETH has reached $209.1 billion. ETH has been 6.9 percent down in the past seven days.

Similarly, Binance Coin (BNB) price went further down by 1.6 percent to reach $231. With this decrease in price, the market capitalisation of BNB has reached $36 billion. BNB has shed 23 percent of its value during the last seven days.

However, Ripple (XRP) price surged 1.7 percent to reach $0.517. The market capitalisation of XRP stands at $26.9 billion with this increase. XRP has shed 2.9 percent of its value during the last seven days.

On the other hand, Cardano (ADA) price jumped 5.2 percent to reach $0.280. Its market capitalisation has reached $9.8 billion with this increase. ADA has shed 24.7 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 green across the board. While memecoin PEPE continued to be the biggest loser, with a 24-hour dip of over 6 percent, Flare (FLR) emerged to be the biggest gainer of the lot, with a minor 24-hour jump of nearly 3 percent, signifying the bearish mood of the market.

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. TLTP