Crypto
Cryptocurrency Price Today: Bitcoin Dips Below $68,000, Injective Becomes Top Gainer
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remains on its downward path and dips below the $68,000 mark early Tuesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board as the overall Market Fear & Greed Index stood at 60 (Greed) out of 100, as per CoinMarketCap data. The Injective (INJ) token emerged to be the biggest gainer, with a 24-hour jump of over 9 percent. Notcoin (NOT) became the biggest loser, with a 24-hour dip of over 14 percent.
The global crypto market cap stood at $2.46 trillion at the time of writing, registering a 24-hour dip of 2.55 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $67,774.70, registering a 24-hour dip of 2.37 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 60.33 lakh.
Ethereum (ETH) Price Today
ETH price stood at $3,535.82, marking a 24-hour dip of 3.64 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 3.18 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 2.26 percent, as per CoinMarketCap data, currently priced at $0.1411. As per WazirX, Dogecoin price in India stood at Rs 12.71.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.63 percent. At the time of writing, it was trading at $78.18. LTC price in India stood at Rs 6,960.95.
Ripple (XRP) Price Today
XRP price stood at $0.4866, seeing a 24-hour loss of 1.90 percent. As per WazirX, Ripple price stood at Rs 43.49.
Solana (SOL) Price Today
Solana price stood at $153.92, marking a 24-hour dip of 3.04 percent. As per WazirX, SOL price in India stood at Rs 13,690.
Top Crypto Gainers Today (June 11)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Injective (INJ)
Price: $29.54
24-hour gain: 9.54 percent
Gnosis (GNO)
Price: $349.16
24-hour gain: 8.85 percent
Akash Network (AKT)
Price: $4.41
24-hour gain: 5.50 percent
Oasis (ROSE)
Price: $0.118
24-hour gain: 2.74 percent
Flare (FLR)
Price: $0.02774
24-hour gain: 2.10 percent
Top Crypto Losers Today (June 11)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Notcoin (NOT)
Price: $0.05199
24-hour loss: 14.05 percent
Wormhole (W)
Price: $0.5522
24-hour loss: 13.09 percent
Mantra (OM)
Price: $0.9984
24-hour loss: 8.01 percent
JasmyCoin (JASMY)
Price: $0.03573
24-hour loss: 6.90 percent
Ethena (ENA)
Price: $0.7412
24-hour loss: 6.83 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is currently consolidating around the $68,000 level following recent liquidations. Investors and traders are closely watching the Federal Reserve’s upcoming press conference and the release of CPI data, both scheduled for tomorrow. Bears are attempting to push the price below $68,000, but bulls may also engage in strong buying at this level. The next support level for BTC is at $67,400, while resistance is at $68,600.”
Parth Chaturvedi, Head of Investments, CoinSwitch Ventures, said, “BTC failed to breach the all time highs, and fell by 2%. This shows that the market sentiment in the near short term. An analysis however from 2011 prices till now shows that BTC has in fact given a 104% CAGR beating both the US Stock Market and Warren Buffett’s portfolio in returns. The broader altcoin market is displaying a downward trend. The recently launched memecoin NOT suffered the most with it being 14% down as people booked profits out of the TON’s top memecoin. Another famous memecoin, PEPE was down 9% as well with 24 hr overall crypto market liquidations reaching more than 150 million dollars as per the data from coinglass.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin (BTC) is facing intense pressure, dragging altcoins to new lows. Currently priced at $68,197, BTC has dropped 2.21% in the last 24 hours. The struggle to surpass all-time highs is linked to a slowdown in stablecoin minting post-halving. However, a head-and-shoulders formation in BTC could soon break the resistance line, potentially pushing its price toward $83,000 in the near term.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The end of the US-Saudi petrodollar agreement on June 9, 2024 marks a significant shift in global financial dynamics that Bitcoin may benefit from. As Saudi Arabia explores alternatives such as the Chinese RMB, euros and digital currencies, the move could reduce reliance on the US dollar and boost inflation. Bitcoin, with its fixed supply and decentralized nature, may become the preferred hedge against inflation. As traditional fiat currencies devalue, Bitcoin’s attractiveness as an investment could increase, leading to long-term appreciation. Trading at $69,600 with resistance at $70,100, Bitcoin futures look bullish if it stays above the $69,100 pivot point.”
Shivam Thakral, CEO of BuyUcoin, said, “The Bitcoin-led investment activity added over $1.97 billion in inflows while Ethereum witnessed its best performance since March by adding almost $70 million in inflows as per the data from Coinshares. The recent dip in prices has sparked buying activity mainly from institutional investors as digital asset prepares for their next bull run. The regulatory developments and positive macroeconomic factors may lead to greater momentum in the second half of 2024.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market continued to slide down. BTC touched $68,000 while ETH dipped below $3,600. Altcoins also saw significant drops. This week will be important and highly volatile for the crypto market due to the upcoming FOMC meetings and U.S. CPI and PPI announcements. Technically, the trend is bearish in the lower time frame, but in the higher time frame, it remains bullish.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
Crypto
British Airline Jet2 Shares Jump 9% After $536M Fuel Hedge Gain Offsets Middle East Travel Fears
Key Takeaways
- Jet2 recorded a $536 million balance sheet windfall on July 8 after locking in low-cost fuel derivatives.
- The Middle East conflict triggered a 67% decline in annual cash inflows as travelers delayed holiday bookings.
- CEO Steve Heapy announced a $335 million buyback program and expanding operations at London Gatwick Airport.
Sector Resilience Amid Fuel Volatility
British airline and package holiday provider Jet2 defied intense geopolitical instability and travel sector panic triggered by the Middle East war by reporting a more than $500 million balance sheet boost, fueled by the rising price of jet fuel.
As the conflict in the Middle East escalated, spiking fuel rates caused the value of the company’s fuel derivatives to soar. According to Jet2’s full financial results released July 8, an extra $536 million in income was primarily driven by these favorable fair value movements.
The financial buffer comes after widespread fears earlier this year that rising energy costs could push airlines into bankruptcy and force massive summer holiday cancellations. In the United States, higher fuel prices contributed to the collapse of low-budget airline Spirit in May. The United Kingdom had been labeled as the nation “most exposed” to the jet fuel crisis, forcing government ministers to scramble to protect airline fuel access and temporarily suspend airport capacity rules.
While Jet2 was able to mitigate the price shock, the broader conflict still took a toll on booking behaviors. The airline conceded that ongoing travel uncertainty from the war caused holidaymakers to delay their trips and book much closer to their departure dates than usual. As a result, Jet2’s cash inflow plummeted by 67% to approximately $103 million for the fiscal year ending March 31.
Financially, Jet2 reported mixed full-year results. Group revenue climbed 4% to $10.05 billion, but pre-tax profit slipped 7% to $738.6 million, hit hard by lower income earned on its cash deposits.
Despite the profit dip, operational metrics showed strong consumer demand. Jet2 increased its total seat capacity by 8% to 24 million and flew 20.8 million passengers — a 5% increase year-over-year. The company also announced a new $335 million share buyback program, pointing to robust liquidity and confidence in its midterm outlook.
On the stock market, shares of the AIM-listed company jumped 9% to $19.92 at Wednesday’s opening bell, leaving the stock up 5% for the year.
Chief Executive Issues Tax Warning
The financial report coincided with an aggressive political warning from Jet2 Chief Executive Steve Heapy. Speaking to shareholders, Heapy cautioned political figures — specifically naming prominent politician Andy Burnham — against treating the aviation and holiday industry as a “cash cow.”
Burnham is widely anticipated to enter Downing Street later this month following recent political shifts.
“Don’t treat the aviation or holiday industry as a cash cow, because taxes increase the price of flying,” Heapy said, pointing out that Jet2 had to absorb $67 million in additional regulatory and tax costs over the last year. “I think, you know, enough is enough.”
Operationally, Jet2 is pushing a major expansion strategy designed to challenge the UK’s dominant legacy carriers. In March, the airline launched a six-aircraft hub at London Gatwick Airport, signaling an aggressive move out of its traditional northern England strongholds. The company notes it now operates within a 90-minute drive of more than 90% of the UK population.
Key Takeaways
- LAB token cratered 90% over 48 hours, wiping out billions in market cap.
- ZachXBT slammed top centralized exchanges for failing to halt the July manipulation.
- Investors surged to avoid trading LAB as team token unlocks are set for later in July 2026.
LAB Trade Blames ‘Large Market Participants’
LAB, the native token of the multi-chain trading platform LAB Trade, suffered a catastrophic collapse this week, plunging from just over $7 to $1.25 on Wednesday—a staggering 80% decline in under 24 hours. This crash followed an equally brutal sell-off on Tuesday, which saw the token slide from nearly $17. In total, LAB wiped out nearly 90% of its value in just 48 hours.
The financial fallout was swift: a market capitalization that exceeded $5 billion on Tuesday morning evaporated to just $390 million by 3:30 p.m. EST on Wednesday. The freefall prompted the LAB Trade team to address the panic on X, where they expressed disappointment and deflected blame toward external heavy-sellers:
“While today’s market activity is disappointing, our product roadmap and long-term focus remain unchanged. We’re seeing significant selling pressure from large market participants. Several independent trading firms also hold substantial LAB positions that are not affiliated with our team. We’re working closely with our liquidity partners and continue to monitor market conditions,” the team said on X.
With this crash, LAB joins a notorious lineup of volatile tokens, such as RAVE, RIVER and SIREN. Each of these projects experienced meteoric rises followed by near-instantaneous erasures, sparking widespread “pump-and-dump” allegations against their respective teams and murky distribution networks.
Crypto Sleuth Slams Centralized Exchanges
Prominent on-chain detective ZachXBT, who previously flagged suspicious insider loans and market-maker coordination back in May, blasted major centralized exchanges ( CEXs) for failing to protect retail investors. Taking to X, ZachXBT criticized the lack of proactive intervention:
“Disappointing to see how no action was taken by Binance, Bitget, and Gate earlier to prevent it. If CEXs cared, profits from the accounts manipulating the price would be distributed to users at a minimum. Unlocks for investors were scheduled to begin later this month, however, multiple late vesting changes occurred in the past.”
ZachXBT reiterated his previous warnings that insiders have effectively controlled the entire circulating supply, allowing market makers to orchestrate extreme price manipulation on major exchanges. His final advice to the community was blunt: avoid trading LAB under any circumstances.
ZachXBT Names RAVE, RIVER, SIREN, and LAB as Victims of Bitget-Enabled Market Maker Fraud
Blockchain investigator ZachXBT has renewed his assault on Bitget, accusing the exchange of knowingly enabling market makers to run supply…
ZachXBT Names RAVE, RIVER, SIREN, and LAB as Victims of Bitget-Enabled Market Maker Fraud
Blockchain investigator ZachXBT has renewed his assault on Bitget, accusing the exchange of knowingly enabling market makers to run supply…
ZachXBT Names RAVE, RIVER, SIREN, and LAB as Victims of Bitget-Enabled Market Maker Fraud
Blockchain investigator ZachXBT has renewed his assault on Bitget, accusing the exchange of knowingly enabling market makers to run supply…
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