BTC, ETH reflect losses as market volatility clouds crypto sector
The crypto sector seems to be getting no respite as most cryptocurrencies are consistently posting losses on the price charts. Bitcoin saw a price drop of around 1.37 percent on Wednesday, July 3. On foreign exchanges like CoinMarketCap, BTC is trading at $60,827 (roughly Rs. 50.7 lakh) — a drop of $810 (roughly Rs. 67,638) from the price level at which BTC entered the trading arena early this week. Meanwhile, Indian exchanges like CoinSwitch and WazirX show BTC trading at a price level of $66,332 (roughly Rs. 55.3 lakh) on Wednesday.
“The crypto market saw a decline following the higher than expected US job vacancies data. Technically, the market is slightly negative due to the bearishness in BTC. However, ETF inflows remain positive which is a good sign. Currently, Solana is outperforming BTC and ETH due to the ETF hype and BTC could fall further,” CoinDCX markets desk told Gadgets360.
Ether posted losses along with BTC on Wednesday, Gadgets360’s 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 worth $3,616 (roughly Rs. 3.02 lakh) on Indian exchanges.
“ETH saw a sharp correction after the recent peak of $4,093 (approximately Rs. 3.41 lakh) and prices fell by almost 31 percent. The asset started trading in a ‘Descending Triangle’ pattern. ETH broke out above the pattern and rose by $3,977 (approximately Rs. 3.32 lakh). However, the bulls failed to breach the psychological level of $4,000 (approximately Rs. 3.34 lakh) and the asset saw some profit taking and fell towards $3,240 (approximately Rs. 2.70 lakh),” ZebPay trading desk 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 posted losses.
Other altcoins that suffered losses include Litecoin, Polygon, Stellar, Cosmos, and Cronos.
The total market capitalization of cryptocurrencies fell by 2.76 percent over the past 24 hours, showing MintMarketCapThe current sector valuation stands at $2.26 trillion (approximately Rs. 1,89,22,176 crore).
Only a handful of cryptocurrencies managed to post gains on Wednesday. These include Solana, Cardano, Tron, Chainlink, Near Protocol and Leo.
“In altcoins, Solana seems to be the standout performer alongside the Telegram-backed Toncoin. Solana’s rise can be attributed to the recent ETF filing by VanEck alongside one of its famous protocols to create memecoins, pump.fun generated $2 million in revenue in a day, more than Ethereum’s daily revenue,” CoinSwitch Markets Desk told Gadgets360. Solana is currently trading at $12,210 (around Rs. 10 lakh) on foreign exchanges and at $13,251 (around Rs. 11 lakh) on Indian exchanges.
The hype surrounding ETH and SOL ETFs in the US and Canada is also likely a factor behind the instability in the global crypto sector.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information contained in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
