Crypto news update, June 10: Bitcoin brushes $110k catching traders off-guard before moving to $1,09,449
Bitcoin price today, June 10: The world's largest cryptocurrency, Bitcoin, briefly rose 1.38 per cent to $110,277.93 on June 10, while Ether jumped 4.8 per cent to $2,713.39, before slipping sightly on profit-booking.
CoinSwitch Markets Desk noted that the hike caught traders off guard. 'Over $110 million in short positions were liquidated within an hour, with a total of $330 million in shorts wiped out over the course of the day,' they noted.
Overall, the crypto market capitalisation on June 10 is at $3.41 trillion, with trade volume over the past 24 hours being $134.11 billion, according to data on CoinMarketCap.
Further, in terms of dominance, Bitcoin gained 1.41 per cent to comprise 63.6 per cent of the market share on June 10; while Ethereum rose 0.43 per cent to 9.5 per cent dominance; and other tokens fell 1.84 per cent to comprise the remaining 26.9 per cent of the crypto market, data showed.
Early at 5 am on June 10, Bitcoin briefly touched 1,10,000 levels, before moving to $109,449.70 at time of writing, as per CoinMarketCap. It was up 3.74 per cent from the previous day, with market cap at $2.17 trillion (also up 3.79 per cent), and tarde volume of $58.15 billion (up 50.45 per cent).
According to Piyush Walke, Derivatives Research Analyst at Delta Exchange, Bitcoin 'is trading above its anchored VWAPs, reinforcing the prevailing positive market sentiment'.
Further, at time of writing, Ethereum was up 7.40 per cent over the past 24 hours, to $2,677.74, with market cap of $323.26 billion (up 7.41 per cent), and volume of $26.92 billion (up 98.57 per cent).
In other big names, USD linked Tether was at $1, with market cap of $155.22 billion (up 0.25 per cent), and volume of $87.48 billion (up 53.04 per cent); while the Solana token was at $158.54, with market cap of $83.22 billion (up 5.16 per cent) and volume of $3.9 billion (up 73.83 per cent).
Walke noted that Bitcoin recently formed an inverted Head and Shoulders pattern on the hourly timeframe, which is 'a bullish technical setup'.
'Based on the pattern's projection, Bitcoin could target levels around $111,000. On the institutional side, Bitcoin spot ETFs recorded net inflows of $386.2 million, while Ethereum ETFs attracted $53 million, indicating growing investor interest in both assets,' he added.
CoinSwitch's opinion was that a decisive break above $110k or below $100k will be needed to sustain momentum. And CoinDCX research team noted that 'investor's sentiments are slowly turning into 'greed' after a brief consolidation'.
Edul Patel, Co-founder and CEO of Mudrex noted, 'the crypto market saw a strong rally, amid easing geopolitical tensions. The US and China resuming trade negotiations led to a positive investor sentiment, with the rally extending to Ethereum, Solana, and other altcoins.'
'Meanwhile, about $38 million in short positions were liquidated, reducing downside pressure. If the momentum sustains, Bitcoin could attempt a new all-time high soon, with support standing at $105,600,' he added.
Key Takeaways Bitcoin's recent rally indicates a shift in investor sentiment towards optimism.
Technical patterns suggest potential price targets and market trends.
Short position liquidations highlight the volatile nature of cryptocurrency trading.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
34 minutes ago
- Mint
Chanos Hits Back Strategy's Saylor, Calling Him a ‘Salesman'
(Bloomberg) -- Famed short-seller Jim Chanos denounced Strategy's Michael Saylor for using a misleading model to value his crypto-treasury firm and reemphasized his recommendation to short its shares and buy Bitcoin instead. 'Michael Saylor is a wonderful salesman,' Chanos said during a Bloomberg TV interview on Wednesday. While the executive chairman of Strategy argued his business should not be valued just on the basis of its Bitcoin holdings, Chanos called that 'financial gibberish.' 'This is akin to saying my house that rose in value from $450,000 to $500,000 last year is not worth $500,000. It's worth $1.5 million because it is worth $500,000 plus a 20 multiple on the $50,000 increase,' Chanos said. 'Of course, that's absurd. But that is the claim he is making.' Chanos also pointed out that the market for preferred shares, which Saylor touted as a robust pool for raising capital, is 'tiny' relative to common shares. Saylor's firm, which was formerly known as MicroStrategy, has sold roughly $35 billion worth of securities since 2024 to fund Bitcoin purchases. That includes $33 billion in common shares and convertible bonds as well as about $2 billion in preferred units issued in recent months. 'In his own words, he makes the case that you have to be crazy to buy these preferreds. He will pay a dividend, maybe. It's not redeemable. It's perpetual. If I don't pay the dividends, they are not cumulative. I don't have to pay them back. Who in their mind institutionally would buy these preferreds?' Chanos said. Strategy did not immediately respond to a request for comment. Chanos noted that the company's so-called mNAV — the stock's premium relative to the value of its Bitcoin holdings — currently stands at about 1.8 times, nearing its historic average, and 'it should be 1.' He said he put on the trade and advised clients when the level was between 2.2 and 2.3 times. Saylor previously said if the premium declines enough, Strategy will buy back its common shares. 'I can assure you that if it trades below 1, I will have covered my shorts,' Chanos said. In the same interview, the short seller also discussed his bearish bet on used car retailer Carvana Co. — a position he initially developed in 2022 and 2023. He is revisiting it now after the company's stock gained nearly 100%. Chanos claimed that about 70% of Carvana's operating income over the past year comes from the sale of subprime loans, but that revenues from car sales are declining. What's more, a dramatic increase in the stock's insider selling over the past two months is a warning sign, he added. --With assistance from Carmen Reinicke. More stories like this are available on
Time of India
4 hours ago
- Time of India
In Gurgaon, task force set up to probe illegalbusinesses on road to Galleria Market
Gurgaon: After the National Green Tribunal's (NGT) intervention in a case concerning illegal commercial activities along the road leading to Galleria Market in Sector 27, deputy commissioner Ajay Kumar announced plans to constitute an inter-departmental team to probe the matter. The team will include officials from MCG, HSPCB, Haryana State Pollution Control Board, Town Planning, and DHBVN, and will inspect the site and submit a detailed report. The action follows a petition by residents, highlighting severe environmental violations such as illegal commercial operations, including illegal use of diesel generator sets, open waste burning and untreated sewage discharge, allegedly causing severe air and noise pollution in the area. Deputy commissioner Ajay Kumar said, "We have taken note of the concerns raised regarding the illegal commercial activities in Sector 27. An inter-departmental team will be formed shortly to examine the entire situation on the ground. Based on their findings, appropriate action will be taken." The petition highlighted that multiple shops, eateries, and workshops have been operating without licences or environmental clearances near Hamilton Court and Galleria Market. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo An inspection by DHBVN on Feb 21, 2025, confirmed electricity theft and illegal resale of power. Despite disconnection, the establishments reportedly continued operations using DG sets in violation of environmental norms. The petitioner also alleged that despite submitting several complaints to the authorities between August 2024 and March 2025, no concrete action was taken. Meanwhile, residents have welcomed the DC's decision. "We've been suffering due to unchecked pollution, traffic congestion, and foul smells from untreated waste for months. This is the first time the administration is taking the issue seriously," said Pooja Singh, a resident of Sector 27. Environmental activists have also urged the administration to ensure that the committee's findings lead to on-ground enforcement. "Reports are not enough. What we need is action—sealing of illegal units and penalties against violators," said Vikram Singh, a city-based environmentalist. The inter-departmental committee is expected to start its inspection soon and submit a detailed report before the next NGT hearing scheduled for July 4, 2025.
Time of India
5 hours ago
- Time of India
Polygon cofounder Sandeep Nailwal takes over as CEO amid restructuring
Sandeep Nailwal , cofounder of blockchain firm Polygon, will take over as the chief executive officer of Polygon Foundation , which includes Polygon Labs , as the company undergoes restructuring. The company, which was started in 2017 to solve the scaling issues of blockchain Ethereum , has been facing challenges in the last couple of years. It saw the exodus of co-founders, Jayant Kanani, Anurag Arjun, and Mihailo Bjelic, along with the exit of Ryan Wyatt, former CEO of Polygon Labs. The company had strengthened its US team, which created friction between the India and US teams, ET had earlier reported. The firm has been facing increasing competition from other players such as Coinbase's Base and Optimism, even as it saw most of its cofounders leave the firm. As a part of the restructuring, the company will focus on launching the AggLayer, short for aggregation layer, a blockchain protocol that facilitates interoperability between chains by FY25. It will shut down zkEVM, on the back of development hurdles. In a statement, the company said that the product lacked a strong strategic position and was no longer aligned with the evolving needs of the ecosystem. Other changes include Polygon PoS, which is now Gigagas, and will handle 100,000 transactions per second. The press statement said that the firm has processed $514 billion in stablecoin transactions in the past year and $3.7 billion in peer-to-peer (P2P) volume in April 2025. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company said that organisations such as Stripe, Reliance Jio, Nexo and BlindPay have built solutions on its blockchain.
