Bitcoin opened with a minor price loss on Friday and the world’s most-used crypto asset is currently trading at $61,637 (roughly Rs. 51.4 lakh) on international exchanges like CoinMarketCap, after a loss of 0.23 percent. However, on domestic exchanges like WazirX and CoinSwitch, BTC was trading much higher at $66,863 (roughly Rs. 55.8 lakh). Macroeconomic factors have always played a crucial role in determining the temperament of the crypto market at a global level. Despite expectations from crypto investors, US President Joe Biden and Donald Trump did not mention cryptocurrencies during their televised debate on Thursday, leading to volatility on the crypto price charts and experts predict more turmoil in the coming days.
“In a notable shift, Bitcoin posted gains as optimism mounted ahead of the anticipated Biden vs Trump debate, with investors expecting cryptocurrency to be a focal point. However, the absence of any mention of crypto during the debate has raised concerns about its potential impact on Bitcoin prices, potentially dampening industry enthusiasm. Bitcoin is entrenched in oversold territory, signaling a prolonged bearish sentiment. Market analysts predict that this phase of stagnation may continue for a few more weeks,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Ether was similarly affected by a minor 0.09 percent drop in value on Friday. It is currently trading at $3,448 (around Rs. 2.87 lakh) on international exchanges and at $3,701 (around Rs. 3.09 lakh) on domestic exchanges, according to the Gadgets360 crypto price tracker.
“The upcoming launch of the Ethereum ETF on July 4 is seen as a potential game-changer, with predictions that Ethereum prices will rise above $5,000 (approximately Rs. 4.17 lakh),” Menon added.
Cryptocurrencies that saw small gains on Friday include Binance Coin, Dogecoin, Cardano and Avalanche.
Solana managed to gain 6.24 percent on Friday, which is significantly higher than other cryptocurrencies. At the time of writing, Solana was trading at $145 (approximately Rs. 12,139).
“With VanEck’s first Solana ETF filing, the SOL ecosystem saw a collective surge, with a 30 percent increase in traders. SOL could become the 3rd major crypto asset after BTC and ETH to have its own ETF, thanks to its recent growth. Several Solana memecoins also saw gains. Some of these memecoins include BOME, which rose 15 percent with an 80 percent increase in traders, and WEN, which rose 15.5 percent with a 25 percent increase in traders,” said Ryan Lee, Chief Analyst at Bitget Research.
The cryptocurrencies that suffered losses on Friday include Tron, Near Protocol, Underdog and Status.
According to CoinMarketCap, the overall crypto market rose in valuation by 1.39 percent in the past 24 hours, taking the market capitalization of the crypto sector to $2.28 trillion (approximately Rs. 1,90,32,984 crore).
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.
