The crypto sector seems to have no respite, as most cryptocurrencies are constantly showing losses on the price charts. Bitcoin showed a price drop of about 1.37 percent on Wednesday, July 3rd. On foreign exchanges such as CoinMarketCap, BTC is trading at $60,827 (roughly Rs. 50.7 lakh) — down $810 (roughly Rs. 67,638) from the price point at which BTC entered the trading arena earlier this week. Meanwhile, Indian exchanges such as CoinSwitch and WazirX show BTC trading at $66,332 (roughly Rs. 55.3 lakh) on Wednesday.
“Crypto market fell after stronger-than-expected US jobs data. Technically, the market is slightly negative due to the decline of BTC. However, ETF inflows are still positive, which is a good sign. Currently, Solana is outperforming BTC and ETH due to the ETF hype, and BTC could still fall,” the CoinDCX markets desk told Gadgets360.
Ether posted losses along with BTC on Wednesday, according to cryptocurrency price tracker Gadgets360. At the time of writing, ETH was trading at $3,353 (approx. Rs. 2.80 lakh) on international exchanges, while the asset was priced at $3,616 (approx. Rs. 3.02 lakh) on Indian exchanges.
“ETH after its recent high of $4093 (roughly Rs. 3.41 lakh) witnessed a sharp correction and prices fell by almost 31 percent. Assets began to trade in a ‘descending triangle’ pattern. ETH broke above the pattern and increased to USD 3977 (Rs. 3.32 lakh approx). The bulls, however, failed to clear the psychological level of $4,000 (Rs. 3.34 lakh approx) and the asset saw some profit and fell to $3,240 (Rs. 2.70 lakh approx),” ZebPay’s trading department told Gadgets360 .
BTC and ETH were joined by most cryptocurrencies on the losing side of the price chart on Wednesday.
Tether, Ripple, Dogecoin, Avalanche, Shiba Inu and Polkadot recorded losses.
Other altcoins that saw losses include Litecoin, Polygon, Stellar, Cosmos and Cronos.
The total capitalization of the crypto market fell by 2.76 percent in the last 24 hours, CoinMarketCap showed. The current valuation of the sector is $2.26 trillion (approximately Rs. 18922.176 crore).
Only a few cryptocurrencies managed to see gains on Wednesday. These include Solana, Cardano, Tron, Chainlink, Near Protocol and Leo.
“In terms of altcoins, Solana appears to be a significant performer alongside Telegram-backed Toncoin. Solana’s rise can be attributed to VanEck’s recent ETF filing, with one of his famous memecoin creation protocols, pump.fun generating two million dollars in revenue in one day, more than Ethereum’s daily revenue,” CoinSwitch told Gadgets360 Markets Desk. Solana is currently trading at $12,210 (roughly Rs. 10 lakh) on foreign exchanges and at $13,251 (roughly Rs. 11 lakh) on Indian exchanges.
The buzz surrounding ETH and SOL ETFs in the US and Canada is also likely a factor behind the volatility seen in the global crypto sector.
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.
