The cryptocurrency market showed mixed signals as expectations for a U.S. interest rate cut weakened. While major altcoins struggled, Bitcoin saw a slight increase thanks to institutional investment.
According to CoinMarketCap, Bitcoin was trading at $73,872 as of 8 a.m. on June 1, reflecting a 0.10% increase from the previous day.
In contrast, Ethereum's price fell by 0.53% to $2,010. Binance Coin (BNB) and Solana also recorded declines of 0.07% and 0.01%, trading at $710 and $82, respectively. Ripple (XRP) decreased by 0.26% to $1.33.
Market analysts attribute the decline in altcoins to profit-taking and risk-averse sentiment as expectations for a U.S. interest rate cut diminish. However, Bitcoin has maintained a relatively strong position due to ongoing inflows into Bitcoin spot exchange-traded funds (ETFs) from institutional investors.
As of 8 a.m. on June 1, Bitcoin was trading at approximately 1,906,000 won ($73,998) on the domestic exchange Bithumb, marking a 0.38% increase from the previous day. The 'Kimchi Premium' stood at -2.226%, indicating that the price of Bitcoin in South Korea is lower than that in international markets.
* This article has been translated by AI.
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