Cryptocurrencies trend on June 03, have changed to green. As the market is surging the price of Bitcoin, at the time of writing reached $38,761. The world’s largest digital asset in trading volume is dominating the market with 41.61 percent. However, throughout the day it suffered a loss of 0.40 percent.
As per JPMorgan, a global investment banking company, many institutional investors have avoided buying the dip, so far.
The strategist at the company Nikolaos Panigirtzoglou presented a research note specifying that before the price of bitcoin stabilizes, it might further experience a drop.
“It now seems unlikely that we see this volatility ratio returning to the x2 levels of last summer. The best we can hope for over the medium term is for this volatility ratio to partially revert from around x6 currently to around x4 by year-end,” says Panigirtzoglou.
Other than Bitcoin, Dogecoin also experienced a surge in its value by 28.66 percent, after Elon Musk’s tweet on June 02.
As per data released by Coinbase, the US-based crypto exchange, on the same day the meme coin was trading at $0.419919 on the platform.
The data further showed that Dogecoin’s 24-hour high record was $0.419919 and its 24-hour low trading record was at $0.311602.
Presently, the market capitalization of cryptocurrency is recorded at $1.68 trillion, which shows a growth of 4.30 percent. In the last 24-hours, the total crypto market volume has increased by 0.59 percent and the value has reached $109.18 billion.
Also compared to the total crypto market volume of the last 24-hours, the volume of stablecoins has increased by 81.96 percent to the value of $89.49 billion.
Meanwhile, in India, the Internet and Mobile Association has decided to introduce a formal board to regulate the industry. As the crypto market is growing in the country, the unregulated crypto-industry has taken the initiative to self-regulate the space.
The IAMAI has announced that one of its bodies, popularly known as The Blockchain and Crypto Assets Council will introduce the formal board in the country. The member of this board will be lawyers, technical specialists and fintech compliance specialists.
Naveen Surya, Chairman of Emeritus of Payments Council of India (PCI), while sharing his views on the crypto industry self-regulating itself, said that although crypto-related business activities are legal in India today, there is no formal regulation nor there are any perspective guidelines.
He further said that by introducing a formal board the team has been trying to help the serious market players.