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Bitcoin holds above $107K even as most altcoins post red candles.
XRP leads altcoin decline with a fall of 3.99%, after a judge denies Ripple’s penalty reduction request.
Invesco files for a Solana ETF, becoming the ninth contender.
Crypto prices today, June 23, reflect a market battling mixed news and cautious investor behavior. The total crypto market cap hovers at $3.29 trillion as of 10.10 AM. It is down by 0.72% due to economic uncertainty and macro developments.
Bitcoin is down 0.33%, while ETH has slumped 1.22%. Altcoins have followed suit, led by XRP’s 4% dip. On the other hand, stablecoins hold strong, providing the much-needed relief in times of market volatility.
Let’s explore in detail the crypto price movements of the world’s top ten tokens.
Bitcoin remains relatively stable at $107,524.55, dipping just 0.33%. Despite its mild drop, trading volume remains strong at over $42.5 billion. The market cap of BTC stands firm above $2.1 trillion.
Edul Patel, CEO and co-founder, Mudrex, told ABP Live, “Bitcoin is trading steadily above $107,100 after testing resistance at $108,000, a key level where both buyers and sellers are actively engaged. If the buyers maintain conviction, we could see seller liquidity absorbed around $108K, setting the stage for a potential breakout. Bitcoin’s price support remains at $106,000.”
Ethereum also pulled back slightly by 1.22%, trading at $2,451.21. Its market cap remains healthy at $295.9 billion, with daily volume nearing $16.7 billion.
XRP dropped sharply by 3.99% to trade at $2.10 after a major court decision. Its market cap is now $124.3 billion, with a trading volume of $3.12 billion.
Judge Analisa Torres denied a joint request from Ripple and the SEC to reduce a $125 million civil penalty. The request aimed to revise an earlier ruling that categorized XRP’s primary sales to institutional investors as securities offerings.
The judge emphasized that such changes must follow the appeals process, not a direct reversal at the district court level. The decision reaffirmed the court’s view that Ripple had overstepped legal boundaries, causing investors to react swiftly.
Most altcoins mirrored XRP’s decline.
Solana fell 2.81% to $141.45, with daily trading volume exceeding $3.5 billion.
Dogecoin also dipped 2.02% and is now trading at $0.1620.
Cardano dropped 2.20%, down to $0.5592.
TRON lost 0.32% and is now priced at $0.2723.
BNB declined slightly by 0.18%, trading at $646.15.
These pullbacks reflect broader bearish sentiment across the altcoin space.
Also Read: Is Altcoin Market Fading or Quietly Gearing Up for a Rally?
Despite the volatility, stablecoins remained firm. Their strong demand reflects investor preference for safety during uncertain market conditions.
Tether (USDT) maintained its $1.00 peg, with a massive 24-hour trading volume of $61.6 billion.
USDC also held at $0.9999, with a daily volume of $8.5 billion.
The following macroeconomic developments may affect crypto prices today and in the upcoming days:
Galaxy Digital announced it raised $175 million for its first externally backed crypto venture fund. This marks a strategic shift, as previous investments were funded solely by the firm’s balance sheet.
The new fund targets high-growth areas including stablecoins, tokenization, and blockchain infrastructure. CEO Mike Novogratz and general partner Mike Giampapa stated that this was achieved during a challenging fundraising cycle, demonstrating strong investor interest in crypto innovation.
Asset manager Invesco has officially entered the race for a spot Solana ETF, filing a registration statement with the SEC alongside Galaxy Digital. The proposed Invesco Galaxy Solana ETF would directly hold SOL and trade under the ticker ‘QSOL’ on the Cboe BZX exchange.
The fund could also engage in staking. Invesco is now the ninth applicant to join this ETF wave. Analysts predict a 90% chance of approval, with potential approval expected as early as next month.
Crypto prices today reflect a complex interplay of legal, institutional, and regulatory developments. Bitcoin holds steady while XRP reels from a legal blow. Meanwhile, Galaxy Digital's $175M venture fund and Invesco’s ETF filing suggest growing institutional confidence in the sector’s long-term prospects.
Additionally, the weakening Dollar index continues to bring capital into the market. Investors should monitor key price levels and macroeconomic developments before making any decisions.
Also Read: Crypto Market Update: India Eyes Bitcoin Reserve, Hong Kong Sets Stablecoin Rules, and Trump-Linked WLFI Secures $100M
1. Why is the crypto market down today?
The crypto market is down today due to broader bearish sentiment, with most major altcoins like Solana, Cardano, and Dogecoin posting losses.
2. What is the price of Bitcoin today?
The price of Bitcoin is hovering around $107,524.55, remaining relatively stable despite downturns in the rest of the market.
3. Why did XRP's price drop?
XRP's price dropped nearly 4% because a judge denied Ripple and the SEC's joint request to lower a $125 million penalty from its ongoing legal case.
4. Are stablecoins like USDT and USDC still safe during downturns?
Yes, both held their pegs today, signaling reliability as safe havens amid market pullbacks.
5. Which companies are trying to launch a Solana ETF?
Invesco has officially joined the race for a Solana ETF, becoming the ninth contender trying to get an approved SOL exchange-traded fund.
