The global cryptocurrency market showed signs of steadying on Monday, June 9, after a week of turbulence linked to a public spat between the U.S. President Donald Trump and Tesla CEO Elon Musk.
The clash between the two high-profile billionaires rattled investor sentiment and was cited as one of the factors behind last week’s market volatility.
Bitcoin, the world’s leading cryptocurrency, slipped slightly by 0.14% but remained above the crucial $105,000 mark, trading at $105,457 (approximately ₹90.3 lakh) on international platforms. On Indian exchanges, the price was marginally higher at $107,330 (₹92 lakh).
“With a major U.S. jobs report on the horizon, there’s still macroeconomic uncertainty that could drive new volatility,” said Srinivas L, CEO of 9Point Capital. “However, the broader uptrend remains intact — this could simply be a pause after a strong rally.”
Ethereum, the second-largest digital asset, also saw a slight dip of 1.05% to $2,486 (₹2.12 lakh). Other top altcoins, including Tether, Dogecoin, and Binance Coin, followed suit with minor declines.
Despite Ether’s price dip, investor appetite for Ethereum-backed financial products remained strong. Ethereum spot Exchange-Traded Funds recorded their fourth consecutive week of inflows, attracting over $856 million.
“Ethereum is pulling in consistent interest, but Bitcoin’s resilience has been the real story this week,” noted Pi42 CEO Avinash Shekhar.
The overall global crypto market capitalisation dipped slightly by 0.16%, settling at $3.29 trillion. Analysts interpret this as a consolidation phase amid geopolitical drama and economic uncertainty.
“Short-term volatility is expected, but long-term investors should stay the course and continue dollar-cost averaging,” advised Himanshu Maradiya, Chairman of CIFDAQ.
Meanwhile, a few digital assets broke away from the general downturn. Solana, Ripple, and Bitcoin Cash posted modest gains, offering a glimmer of optimism for holders.
Some analysts are drawing historical parallels, comparing Bitcoin’s current momentum to gold’s breakout in the early 2000s — a period that led to a prolonged bull run.
“The $150,000 price target is back in focus, as Bitcoin’s structure resembles gold’s legendary breakout,” said Harish Vatnani, Head of Trade at ZebPay.
With the release of U.S. employment data expected later this week, all eyes remain on macroeconomic cues that could steer the next phase of the cryptocurrency market’s journey.
