The crypto sector does not seem to have any respite as most of the cryptocurrencies are constantly showing losses on the price charts. Bitcoin showed a price drop of around 1.37 percent on Wednesday, July 3. On currencies like CoinMarketCap, BTC is trading at $60,827 (roughly Rs. 50.7 lakh), down $810 (roughly Rs. 67,638) from the price at which BTC entered the trading arena earlier this week Meanwhile, Indian exchanges like CoinSwitch and WazirX show BTC trading at $66,332 (roughly Rs. 55.3 lakh) on Wednesday.
“Crypto market fell after higher-than-expected US job vacancies data. Technically, market is slightly negative due to lower BTC. However, ETF inflows continue being positive, which is a good sign. Solana is currently outperforming BTC and ETH due to ETF hype and BTC could still fall further,” CoinDCX's markets desk told Gadgets360 .
Ether posted losses alongside BTC on Wednesday, Gadgets360 crypto price tracker showed. At the time of writing, ETH was trading at $3,353 (roughly Rs. 2.80 lakh) on international exchanges, while the asset was priced at $3,616 (roughly Rs. 3.02 lakh) on Indian Stock Exchanges
“ETH after hitting the recent peak of $4,093 (roughly Rs. 3.41 lakh) witnessed a sharp correction and prices fell by almost 31 percent. The asset started trading in a pattern of ” descending triangle”. ETH gave a break above the pattern and rose to $3,977 (approx. Rs. 3.32 lakh). The bulls, however, failed to break the psychological level of $4,000 (approx. Rs. 3.34 lakh rupees) and the asset posted a bit of profit and fell to $3,240 (roughly Rs. 2.70 lakh),” ZebPay's trading desk told Gadgets360.
BTC and ETH joined most cryptocurrencies on the losing side of the price chart on Wednesday.
Tether, Ripple, Dogecoin, Avalanche, Shiba Inu and Polkadot posted losses.
Other altcoins that posted losses include Litecoin, Polygon, Stellar, Cosmos and Cronos.
CoinMarketCap showed that the global crypto market cap was down 2.76 percent in the last 24 hours. The current valuation of the sector stands at $2.26 trillion (roughly Rs. 1,89,22,176 crore).
Only a handful of cryptocurrencies made gains on Wednesday. These include Solana, Cardano, Tron, Chainlink, Near Protocol and Leo.
“In altcoins, Solana appears to be the notable performer alongside Telegram-backed Toncoin. Solana's rise can be attributed to VanEck's recent ETF filing alongside one of his famous protocols for creating memecoins, pump .fun generated two million dollars in revenue in one day, more than Ethereum's daily revenue,” the CoinSwitch Markets Desk told Gadgets360. Solana is currently trading at $12,210 (approx. 10 lakh) in foreign currencies and $13,251 (approx. 11 lakh) on Indian exchanges.
The buzz around 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, not legal tender, and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business 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.
