The global crypto market continued its losing streak for the second consecutive day, pushed southward by Bitcoin (BTC) and Ethereum (ETH) shedding more gains. The global crypto market cap stood at $1.90 trillion as of 9 am IST with a decrease of 5 per cent from the previous day. Investor confidence in the market stood intact despite the bearish mood with trade volumes increasing by 4 per cent in the past 24 hours.

BTC failed to remain above its psychological resistance at $45,500 and dipped by 3.3 per cent to close the day at $44,900. Bulls were unable to keep BTC above $45,000 though trade volumes increased by a modest 2.3 per cent. BTC's support levels are forming at $44,000.

BTC crossed its 200-day moving average in the past week but its price actions were unable to capitalise on this development. The value of crypto investment products traded amounted to $3.1 billion last week, compared to $7 billion per week in May, indicating that a downtrend was expected among institutional investors.

Ethereum (ETH) lost a significant 5 per cent today, briefly sliding below $3,000 intra-day. ETH retraced some of its weekly gains to close at $3,010 and faces resistance at $3,230.

Major altcoins reflected the market’s sober mood and registered a decline. Uniswap (UNI), Dogecoin (DOGE), Ripple (XRP) and Stellar (XLM) declined by up to 12 per cent. Terra (LUNA) remained the only outlier in the top-20 with some gains.

For the market to regain momentum, BTC needs to break its losing streak and move northwards towards $47,000 in the coming days. Any movement below $44,000 might bring critical support levels of $42,000 and $40,000 into play.

Top Gainers today:

1. Arweave (AR): 26.2%
2. Avalanche (AVAX): 18.0%
3. Quant (QNT): 17.9%

Top Losers today:

1. Audius (AUDIO): -14.4%
2. Shiba Inu (SHIB): -14.1%
3. Theta (THETA): -13.5%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Bitpanda, a European crypto trading platform, has raised $263 million in a fresh round of funding from Peter Thiel-backed Valar Ventures currently valuing the company at over $4 billion.
2. Major European music festival Untold, scheduled to be held in Romania next month, has partnered with Elrond network to allow concert goers to buy tickets using their native cryptocurrency EGLD.
3. Football club PSV Eindhoven will become the first club in the Netherlands to hold Bitcoin through a partnership with Anycoin Direct, a European-based crypto exchange.
4. Decentralised exchange SushiSwap has avoided a major exploit thanks to a white hat hacker who pointed out a vulnerability in the Dutch auction smart contract that may have resulted in a loss of 109,000 ETH.
5. Dogecoin Foundation has re-established itself after 6 years to support the Dogecoin (DOGE) community and to promote its future. New advisory board members for the foundation include Ethereum co-founder Vitalik Buterin, Dogecoin co-founder Billy Markus, Dogecoin core developer Max Keller and Neuralink CEO Jared Birchall.

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