BTC, ETH, Most Altcoins Record Price Drops in India After WazirX Breach
The crypto market has recorded a minor decline in terms of prices in the past 24 hours. While most cryptocurrencies recorded price fluctuations on international exchanges on Friday, July 19, Indian exchanges saw notable price drops following the security breach on one of WazirX’s multi-signature wallets. For instance, Bitcoin is trading at $64,056 (approximately Rs. 53.5 lakh) on CoinMarketCap after dropping 1.17 percent. On Indian exchanges such as BuyUCoin and WazirX, BTC is trading at $58,862 (approximately Rs. 50 lakh) after dropping up to 12.39 percent.
“If BTC fails to climb above the $64,650 (approximately Rs. 54.09 lakh) resistance zone, it could move lower towards the $62,500 (approximately Rs. 52.2 lakh) level. Moreover, the recent WazirX hack has put additional pressure on Indian investors. Market participants should keep a close eye on the market and stay updated,” Edul Patel, CEO of Mudrex, told Gadgets360.
Ether closed with a small loss of 0.22 percent to trade at $3,416 (approximately Rs. 2.85 lakh) on CoinMarketCap. While ETH is trading within the range of $3,100 (approximately Rs. 2.59 lakh) and $3,413 (approximately Rs. 2.85 lakh) on Indian exchanges after its price fell by up to 13.60 percent.
As seen on Gadgets360’s crypto price tracker on Friday, most cryptocurrencies in India are trading at a loss.
Examples include Tether, Binance Coin, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.
Polkadot, Chainlink, Bitcoin Cash, Leo and Litecoin also suffered losses.
The crypto market cap declined by 0.63 percent in the past 24 hours. Currently, the crypto sector valuation stands at $2.35 trillion (approximately Rs. 1,96,50,183 crore), according to MintMarketCap.
Meanwhile, Near Protocol, Cronos, Bitcon SV and Iota managed to post small gains on Friday.
“In the US, major financial firms including BlackRock, Fidelity, 21Shares, Grayscale, Bitwise, and Invesco Galaxy have filed their latest S-1 filings with the SEC seeking approval of spot ether ETFs. The regulator is expected to greenlight these applications next week, with the funds expected to launch on Tuesday. This approval could be a pivotal moment for the US crypto market,” the CoinSwitch markets desk told Gadgets360.
