The global cryptocurrency market showed signs of stabilisation on Monday, June 9, following a week of volatility triggered by a high-profile spat between former United States President Donald Trump and Tesla CEO Elon Musk.
The tension between the two billionaires had unsettled investor sentiment and contributed to last week’s market swings.
Bitcoin, the world’s largest digital currency, recorded a marginal dip of 0.14 per cent, trading at $105,457 (approximately ₹90.3 lakh) on global exchanges. On Indian platforms, prices were slightly higher, reaching $107,330 (about ₹92 lakh).
“With a major US jobs report coming up, macro uncertainty could stir things up again. So, for now, we’re neutral to cautiously optimistic,” said Srinivas L, CEO of 9Point Capital. “The bigger trend still looks intact — this may just be a breather after a strong run.”
Ethereum, the second-largest cryptocurrency, followed the trend and slipped 1.05% to $2,486 (₹2.12 lakh). Several major altcoins, including Tether, Dogecoin, and Binance Coin, also recorded modest losses during the trading session.
Despite Ether’s short-term dip, Ethereum-based Exchange-Traded Funds continued to attract strong investor interest, with inflows persisting for a fourth consecutive week.
“Ethereum is drawing attention, with spot ETFs seeing four consecutive weeks of inflows totaling over \$856 million. But this week belonged to Bitcoin’s resilience,” said Pi42 CEO Avinash Shekhar.
The global crypto market capitalisation dropped slightly by 0.16%, settling at $3.29 trillion, signalling a moment of consolidation amid macroeconomic uncertainty and lingering geopolitical drama.
Industry leaders are urging investors to maintain a long-term view amidst the short-term market jitters.
“Investors should stay vigilant and continue Dollar-Cost Averaging for long-term wealth,” advised Himanshu Maradiya, CIFDAQ Chairman.
Meanwhile, a few digital assets managed to buck the downtrend. Solana, Ripple, and Bitcoin Cash posted minor gains, offering some optimism to holders of these coins.
Market experts are also drawing broader comparisons between Bitcoin’s current trajectory and historical patterns in other commodities.
“Analysts are drawing parallels between Bitcoin’s current market structure and gold’s legendary breakout in the early 2000s… the $150,000 target once again looks achievable,” said Harish Vatnani, Head of Trade at ZebPay.
With the upcoming U.S. jobs data and macroeconomic signals likely to influence global risk appetite, traders and investors are watching closely for the next directional cue in the ongoing crypto narrative.
