Crypto On June 7: Market Back In Red After Brief Upsurge, Experts Remain Optimistic

The cryptocurrency market turned red Tuesday following a short-lived surge the day before. However, experts remain hopeful of momentum ahead.

The global market cap was down 5.42% at $1.22trillion, as of 4.28 a.m. ET, CoinMarketCap data showed.

Bitcoin shed 5.66% and was trading at $29,613. Ethereum, too, dipped 7% to trade at $1,765. All other top 10 tokens plunged. Meme cryptos Shiba Inu and Dogecoin dipped.

Binance Coin(BNB) has been on a downtrend for the last couple of days as the U.S. Securities and Exchange Commission launched an investigation against Binance’s native token. The commission is probing Binance Holdings over breaking U.S. securities law.

Despite the downward trend, experts remained hopeful of gains ahead.

CoinDCX said, "The ‘buy the dip’ sentiment continues to be strong, where addresses with a balance of more than 1 BTC climbed to an all-time high of 849,000 amid a relatively flat price action. These can potentially imply that there are more people HODLing and looking to accumulate crypto, likely using BTC as a store of value and inflation hedge for the long-term, as opposed to short-term speculation."

"Despite the general weakness in the markets, we remain optimistic on a resumption of the bull market, provided the macroeconomic picture improves significantly for the better," the Indian exchange told International Business Times.

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