Despite the overall crypto market remaining unstable since early July, Bitcoin has managed to trade above the $30,000 (roughly 24.5 lakh rupees) level. On Thursday, July 6, bitcoin slipped 0.70 percent to trade at $30,448 (about 25 lakh rupees). Bitcoin, the first-ever cryptocurrency, has suffered a loss of $342 (about Rs.28,185) in the past 24 hours. Industry insiders believe that the market could potentially see a massive sell-off if it fails to break through $31,000 (roughly Rs.25.5 lakh rupees) soon. The dominance of BTC has increased slightly and is currently around 51.36 percent.
ether The company also followed its recent market trajectory, posting losses on Thursday. ETH, according to Gadgets 360’s Crypto price trackeris currently trading at US$1,906 (about 1.5 lakh rupees), down 1.25 percent.
“Ethereum whales have intensified their activity as the number of ETH whale transactions has increased by 54 percent over the past two days. Around $20 billion (approximately 1,64,945 crore rupees) was moved by ETH whales in seven days,” the CoinDCX team told Gadgets 360.
With both BTC and ETH posting losses on Thursday, numerous cryptocurrencies suffered price declines.
These include Binance coin, ripple, Cardano, DogecoinAnd Litecoin.
Tron, Speckle, polygon, Shiba Inu, avalanche, chain linkAnd cosmos Losses were also reflected in the price charts on Thursday.
“Over the past 24 hours, there has been slight selling pressure in the crypto market. BTC saw a slight drop yesterday but bulls once again maintained resilience near $30,300 (roughly 24.9 lakh rupees) showing the strength and psychological importance of this level,” said Shubham Hudda, Senior Manager , CoinSwitch Markets Desk, opposite Gadgets 360.
The overall valuation of the crypto sector is down 1.29 percent over the past 24 hours and currently stands at $1.19 trillion (approximately 11/98/514 crore). CoinMarketCap.
“Contrary to the situation a few months ago, stablecoins are now lagging behind due to different regulations in different regions. Their reduction in market cap is largely due to the depegging of fiat/cryptocurrencies earlier this year, which is now having an impact,” Rajagopal Menon, Vice President of WazirX, told Gadgets 360.
The crypto fear and greed index is down 5 points but remains in the greed zone at 56/100.
In the meantime, connection, USD coin, USD coin, Solana, Bitcoin cashAnd Lion posted gains on Thursday.
Monero, Kronos, DogefiAnd Bitcoin hedging also made small gains in a relatively slow market.
“Cardano’s Total Value Locked (TVL) has surged to a record high of over 725 million ADA tokens. In dollar terms, ADA’s TVL is up 13 percent since last week to $212 million (roughly 1,748 crore), which is a sign of the growing DeFi ecosystem,” the CoinDCX team added.
Although the markets are unstable, the development in the industry continues to progress. For example, Samsung has partnered with Terrain.art, a blockchain-based online platform, to feature over 2,100 India-themed artworks on all The Frame TV models.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to be, and does not constitute, financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment made on any perceived recommendation , forecast or other information contained in the article.
