Bitcoin opened with a small price loss on Friday, and the world's most widely used crypto asset is currently trading at $61,637 (roughly Rs. 51.4 lakh) on international exchanges such as CoinMarketCap, after suffering a loss of 0 .23 percent. However, on domestic 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 vital role in setting the mood of the crypto market 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 and experts predicting further upheaval in the next few days
“In a notable turnaround, Bitcoin posted gains as optimism rose ahead of the expected Biden-Trump debate, with investors expecting the cryptocurrency to be a focal point. However, the absence of any mention of crypto during the debate has raised concerns about the potential impact on Bitcoin prices, possibly dampening industry enthusiasm.Bitcoin is entrenched in oversold territory, indicating prolonged bearish sentiment.Market analysts predict that this phase of stagnation it could be extended by a few more weeks,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Similarly, Ether was affected by a minor drop of 0.09 percent in value on Friday. It is currently trading at $3,448 (roughly Rs. 2.87 lakh) on international exchanges and $3,701 (roughly Rs. 3.09 lakh) on domestic exchanges, according to Gadgets360's crypto price tracker.
“Ethereum's upcoming ETF launch on July 4 is seen as a potential game changer, with Ethereum price projections soaring 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 posted a 6.24 percent gain on Friday, which is substantially higher than other cryptocurrencies. At the time of writing, Solana was trading at $145 (roughly Rs. 12,139).
“With VanEck's first Solana ETF application, the SOL ecosystem saw a collective surge and the number of traders increased by 30 percent. SOL may become the third major crypto asset after BTC and ETH by to have its ETF, thanks to its recent growth Several memecoins from Solana also led to gains, including BOME, which was up 15 percent with an 80 percent increase in traders , which was up 15.5 percent with a 25 percent increase in traders,” said Ryan Lee, chief analyst at Bitget Research.
Meanwhile, cryptocurrencies that posted losses on Friday included Tron, Near Protocol, Underdog and Status.
According to CoinMarketCap, the global crypto market 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, is 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.
