Crypto Market Watch: Bitcoin, Ether Retain Minor Losses, Overall Markets Remain Volatile

Despite the overall crypto market remaining unstable since the beginning of July, Bitcoin has managed to trade above the mark of $30,000 (roughly Rs. 24.5 lakh). On Thursday, July 6, Bitcoin slipped by 0.70 percent to trade at $30,448 (roughly Rs 25 lakh). The first ever cryptocurrency, Bitcoin has incurred a loss of $342 (roughly Rs. 28,185) over the last 24 hours. Industry insiders predict that the market could possibly witness a massive sell should it fail to touch the $31,000 (roughly Rs. 25.5 lakh) mark soon. BTC’s dominance has increased slightly in the process and is currently around 51.36 percent.

Ether also followed its last day’s market trajectory and settled in losses on Thursday. ETH, as per Gadgets 360’s crypto price tracker, is currently trading at $1,906 (roughly Rs. 1.5 lakh) with a loss of 1.25 percent.

“Ethereum whales have been ramping up their activities as the number of transactions by ETH whales has gone up by 54 percent in the last two days. In a seven-day period, around $20 billion (roughly Rs. 1,64,945 crore) has been moved by ETH whales,” the CoinDCX team told Gadgets 360.

With both, BTC and ETH seeing losses on Thursday, a large bunch of cryptocurrencies found themselves reeling under price slips. These include Binance Coin, Ripple, Cardano, Dogecoin, and Litecoin. Meanwhile, Tron, Polkadot, Polygon, Shiba Inu, Avalanche, Chainlink, and Cosmos also reflected losses on the price charts on Thursday.

“There has been slight selling pressure in the crypto market in the last 24 hours. BTC observed a little dip yesterday but Bulls maintained resilience near $30,300 (roughly Rs. 24.9 lakh) once again, showing strength and the psychological importance of this level,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

The overall valuation of the crypto sector dunked by 1.29 percent over the last 24 hours to currently be on the mark of $1.19 trillion (roughly Rs. 98,11,514 crore), as per CoinMarketCap.

“In contrast to the situation a few months ago, stablecoins are now lagging behind due to differences in regulations across regions. Their market cap reduction has resulted largely due to the de-pegging of fiat/crypto earlier this year which is creating an impact now,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

The crypto fear and greed index is down by 5 points but remains in the greed zone with a score of 56/100.

Meanwhile, Tether, USD Coin, USD Coin, Solana, Bitcoin Cash, and Leo recorded profits on Thursday. Monero, Cronos, Dogefi, and Bitcoin Hedge also minted small gains in a relatively slow market.

“Cardano’s Total value locked (TVL) has soared to a record high of over 725 Mn ADA tokens. In dollar terms, ADA’s TVL has risen by 13 percent since last week to $212 million (roughly Rs. 1,748 crore), signalling its growing DeFi ecosystem,” the CoinDCX team added.

Despite the markets being unstable, developments in the sector continue to forge forward. Samsung, for instance, has partnered Terrain.art, a blockchain-powered online platform, to display over 2,100 India-focussed artworks on all ‘The Frame’ TV models.

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