Crypto Market Watch: Loss-Ridden Bitcoin, Ether Impact Pricing of Most Altcoins

This week has some financial developments in the pipeline, that are likely to impact both, the traditional trading sector as well as the crypto industry. Owing to the anticipatory market pressure, Bitcoin entered into the last week of July with losses. The most expensive cryptocurrency is trading at the price point of $29,717 (roughly Rs. 24.3 lakh) as of Monday, July 24. This marks the fifth consecutive day since last week that BTC has not been able to reclaim a price point above the mark of $30,000 (roughly Rs. 24.6 lakh).

Ether followed Bitcoin’s trajectory towards losses on Monday. Reflecting a dip of 0.34 percent, ETH is trading at $1,865 (roughly Rs. 1.52 lakh).

“This recent price decline could be because of the US SEC chair expressing disappointment with the defeat over XRP’s case and increasing selling pressure. There could be little volatility this week as FOMC’s decision on interest-rate policy is due on Wednesday,” Edul Patel, CEO of Mudrex investment firm, told Gadgets 360.

Almost all popular cryptocurrencies are reeling under losses today. These include Tether, Ripple, Binance Coin, USD Coin, Cardano, and Dogecoin.

Furthermore, Solana, Tron, Polygon, Litecoin, and Polkadot also ended up trading in the reds.

“After some altcoins registered positive price action during last week, they are now observing some correction. This includes LINK (-2.5 percent), SNX (-5.6 percent), SOL (-1.0 percent), and XRP (-0.7 percent). The market is also preparing itself for the Fed’s decision on interest rate policy, scheduled for Wednesday; this rate hike is expected to be the last one,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

In the last 24 hours, the overall crypto market valuation dropped by 0.49 percent to record a capitalisation of $1.19 trillion (roughly Rs. 97,55,691 crore) as per CoinMarketCap.

The crypto fear and greed index is in the greed zone with a score of 55/100, up five points since last Friday.

Amid the ongoing market uncertainty, only a few cryptocurrencies managed to retain profits.

These include Bitcoin Cash, Zilliqua, Qtum, Ardor, and Braintrust.

Despite the market volatility, projects revolving around the Web3 industry continue to make a splash in the market.

McDonald’s Hong Kong, for instance, has unveiled its new initiative, the McNuggets Land. It is an official metaverse world that is live in The Sandbox ecosystem. Celebrating Chicken McNuggets’ 40th anniversary, the experience includes a historical tour of the snack, also allowing gamers to complete quests and win SAND (+0.4 percent) tokens.

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