Crypto On June 2: Top Coins Dip But Crypto Continues To Get Mainstream

Top cryptocurrencies continued to dip Thursday in tandem with the U.S. tech stocks. However, the ongoing developments in the industry indicate that cryptos are on the road to becoming mainstream.

The global market cap was down 5.13% to$1.24trillion, as of 3.26 a.m. ET, CoinMarketCap data showed.

Bitcoin dipped 5.12% to $29,915. Ethereum, too, plunged 5.73% to $1822. Most of the top 10 tokens dipped. Meme cryptos Shiba Inu and Dogecoin too traded lower.

While top coins continue to dip, the developments in the industry are indicative of the fact that cryptos are becoming mainstream.

The South Korean government will be forming a Digital Assets Committee, targeted as early as this month, to oversee the digital assets market. Specific parameters of the committee include providing criteria for the listing of coins by exchanges, introducing investor protection measures and monitoring unfair trading.

Commenting on the same, Indian exchange CoinDCX said, "This is a welcome move for the industry in bringing greater regulatory clarity to the space. Not only is it a necessary step for digital assets to reach mainstream adoption, but it also represents a great opportunity for the crypto industry to mature and truly flourish."

In other news, with investments in virtual real estate in the metaverse having grown exponentially, former football players Shaun Wright-Phillips and Jordan Stewart have purchased land in the Sports Metaverse.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.