Bitcoin opened with a minor loss in price on Friday, with the world’s most used crypto-asset currently trading at $61,637 (roughly Rs. 51.4 lakh) on international exchanges such as CoinMarketCap, after suffering a loss of 0.23 how much. However, on national exchanges like WazirX and CoinSwitch, the value of BTC was much higher at $66,863 (roughly Rs. 55.8 lakh). Macroeconomic factors have always played a key role in determining the temperament of crypto markets globally. Despite the expectations of crypto investors, US President Joe Biden and Donald Trump did not mention cryptocurrencies during their televised debate on Thursday, leading to volatility in cryptocurrency price charts, with experts predicting further reversals in the coming days.
“In a significant move, Bitcoin posted gains as optimism grew ahead of the anticipated Biden vs. Trump debate, with investors expecting the cryptocurrency to take center stage. However, the absence of any mention of the cryptocurrency during the discussion led to concerns about the possible impact on Bitcoin prices, which could dampen the industry’s enthusiasm. Bitcoin is entrenched in oversold territory, indicating long-term bearish sentiment. Market analysts predict that this phase of stagnation may extend for a few more weeks,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Similarly, Ether was affected by a minor decline of 0.09 percent on Friday. It is currently trading at $3,448 (roughly Rs. 2.87 lakh) on international exchanges and at $3,701 (roughly Rs. 3.09 lakh) on national exchanges, according to crypto price tracker Gadgets360.
“The upcoming launch of the Ethereum ETF on July 4 is seen as a potential tipping point, with Ethereum prices projected to climb above $5,000 (roughly Rs. 4.17 lakh),” Menon added.
Cryptocurrencies that managed to post minor gains on Friday included Binance Coin, Dogecoin, Cardano and Avalanche.
Solana managed to make a profit of 6.24 percent on Friday – which is significantly more than other cryptocurrencies. At the time of writing, Solana was trading at $145 (roughly Rs. 12,139).
“With the first application of Solana ETF from VanEck, the SOL ecosystem experienced a collective growth and the number of traders increased by 30 percent. SOL could become the third major crypto asset after BTC and ETH to have its own ETF, thanks to its recent growth. Several Solana memecoins also resulted in gains. Some of those memecos include BOME, which is up 15 percent with an 80 percent increase in traders, and WEN, which is up 15.5 percent with a 25 percent increase in traders,” said Ryan Lee, principal analyst at Bitget Research.
Meanwhile, cryptocurrencies that recorded losses on Friday included Tron, Near Protocol, Underdog and Status.
According to CoinMarketCap, the entire crypto market has increased in valuation by 1.39 percent in the last 24 hours. With this, the market capitalization of the crypto sector has reached $2.28 trillion (roughly Rs. 1,90,32,984 crore).
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to 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 based on any perceived recommendation, forecast or any other information contained in the article.
