BTC, ETH See Minor Losses, Majority Altcoins Fail to Gather Steam

While the month has shifted from June to July, the sentiment of the crypto market failed to show any major shifts. On July 4, Monday, Bitcoin opened trading with a minor loss of 0.60 percent. As per Indian exchange CoinSwitch Kuber, BTC’s current price is $20,015 (roughly Rs. 15.80 lakh). Around last week, the asset had begun to rise above the mark of $20,000 (roughly Rs. 15 lakh), but it slipped again over the weekend. As per international exchanges like Binance and CoinMarketCap, Bitcoin values are hovering around $19,101 (roughly Rs. 15.08 lakh).

Ether encountered a fate similar to Bitcoin on the price charts. The world’s second most-valued crypto asset dipped by 0.19 percent. As per Gadgets 360’s crypto price tracker, ETH is trading at $1,114 (roughly Rs. 87,990)

With both of the top two cryptocurrencies dealing with losses, majority other altcoins also remained negatively impacted by the ongoing market volatility.

Except for Ripple, Dogecoin, Tron, and Avalanche — that managed to reel-in miniscule profits — all other popular cryptocurrencies opened lowly on Monday.

These include Binance Coin, Cardano, Solana, Polkadot, Polygon, Uniswap, and Litecoin among others.

In fact, even stablecoins such as Binance USD, USD Coin, and Tether only saw losses amid the slowed down market momentum.

The overall market cap of the crypto sector that stood at over $2 trillion (roughly Rs. 15,610,304 crore) around March, has tumbled down to its current figure of $863 billion (roughly Rs. 68,21,971 crore) in the last three months.

Recently, Shaktikanda Das, the governor of the Reserve Bank of India (RBI) had said that cryptocurrencies are a “clear danger”.

“Not all cryptocurrencies are valuable, as many coins have grown out of pure speculation, but that can be resolved by education and awareness. Bitcoin, on the other hand, is an innovation that creates a monetary system that no one person or entity controls,” Kumar Gaurav, the CEO and founder of cryptocurrency bank Cashaa told Gadgets 360, commenting on the RBI governor’s claims.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.