Cryptocurrencies are in the green today on June 3, 2021, Bitcoin's price is currently at $37,329.93. Its dominance in the market is at 41.61 percent, a decrease of 0.40 percent over the day.
Global bank JPMorgan on June 2 advised that institutional investors have so far avoided buying Bitcoin during the current dip in the cryptocurrency's price. JPMorgan strategist Nikolaos Panigirtzoglou wrote in a research note that bitcoin's price might fall further before stabilizing after a correction.
"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," Panigirtzoglou said, as quoted by CNBC.
For other cryptocurrencies, Dogecoin, Elon Musk's crypto meme tweet on June 2 surged its prices by 28.66 percent and was trading at $0.419919, as per US-based crypto exchange Coinbase at 3:55 pm. The crypto trading exchange shows that Dogecoin's 24-hour high record was $0.419919, while its 24-hours low trading was registered at $0.311602.
The global cryptocurrency market cap is $1.68 trillion, a 4.30 percent increase over the last day, while the total crypto market volume over the last 24 hours is $109.18 billion, which makes a 0.59 percent increase. The volume of all stable coins is now $89.49 billion, which is 81.96 percent of the total cryptocurrency market's 24-hour volume.
Meanwhile, India’s India’s booming but unregulated cryptocurrency industry is subjecting itself to self-regulation, with the Internet and Mobile Association setting up a formal board to review issues, apply best practices and come as close to formal regulation as possible, association said. The Blockchain and Crypto Assets Council, part of the IAMAI, will set up a formal board comprising lawyers, technical specialists, and fintech compliance specialists to ensure self-regulation.
"Crypto exchange business activity is legal in India today, but it is not formally regulated yet. There are no prescriptive guidelines. We are trying to make sure the serious players can follow the best global practices,” Naveen Surya, Chairman, Fintech Convergence Council and Chairman Emeritus of Payments Council of India (PCI) told Moneycontrol.
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