The crypto market is undergoing a period of price correction due to multiple macroeconomic factors that are bringing volatility into the market. On Wednesday, July 10, Bitcoin showed a gain of over two percent, taking its value to $59,304 (approximately Rs. 49.5 lakh) on international exchanges such as CoinMarketCap. On Indian exchanges, meanwhile, BTC managed to show a similar gain percentage to trade between the range of $57,906 (approximately Rs. 48.3 lakh) and $63,577 (approximately Rs. 53 lakh).
“The crypto market showed initial signs of recovery as the market started to absorb the impact of the German government’s large BTC issuance, which added to the selling pressure. Bitcoin rose by almost three percent in the past 24 hours. We can expect the markets to remain choppy in the coming weeks. If Bitcoin breaks the $60,000 mark and stays above it for at least two weeks, then we can expect the momentum to continue,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
Ether saw slightly different trajectories on domestic and international exchanges on Wednesday. The asset, up 1.06 percent on international exchanges, is trading at $3,115 (roughly Rs. 2.6 lakh). In India, the price of ETH is hovering above the $3,313 (roughly Rs. 2.76 lakh) mark after a slight loss of 1.7 percent, according to crypto price tracker Gadgets360.
“Caution remains advised as the market will absorb 75,000-118,000 BTC worth $4.3 billion (approximately Rs. 35,902 crore)-6.8 billion (approximately Rs. 56,776 crore) from Saxony and Mt. Gox clients. The Fed’s inflationary response with rate hikes is a cloud on the horizon, but controlled inflation could trigger price increases,” said Avinash Shekhar, Co-Founder and CEO of Pi42 on the crypto market situation on Wednesday.
Tether, Binance Coin, Solana, Dogecoin, Shiba Inu, Litecoin and Chainlink showed losses on the cryptocurrency charts on Wednesday.
However, a number of cryptocurrencies did manage to post small gains on Wednesday. These include Cardano, Avalanche, Polkadot, Near Protocol, Polygon and Uniswap.
The total crypto market capitalization increased by 2.73 percent in the past 24 hours, taking the sector’s valuation to $2.17 trillion (approximately Rs. 1,81,18,089 crore), according to MintMarketCap.
Market analysts are closely monitoring the market movement of Toncoin, the native token of the Telegram-linked TON blockchain.
“After hitting a low of $7.09 (approximately Rs. 0.085), TON is now trading at $7.28 (approximately Rs. 0.087). The increased whale activity is evident, with nine large trades totaling 359,000 TON in the past 24 hours, indicating investor optimism,” Rajagopal Menon, Vice President, WazirX told Gadgets360. “TON’s price resilience and strategic buying during declines is demonstrated by its ability to stay above key support levels, with the 50 EMA and 100 EMA serving as crucial indicators.”
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.
