The crypto sector doesn’t seem to be getting any respite, with most cryptocurrencies consistently showing losses on the price charts. Bitcoin showed a price decline 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) — down by $810 (roughly Rs. 67,638) from the price point at which BTC stepped into the trading arena at the beginning of this week. Meanwhile, Indian exchanges like CoinSwitch and WazirX show BTC trading at the price point of $66,332 (roughly Rs. 55.3 lakh) on Wednesday.
“The crypto market saw a fall following US’ higher-than-expected job openings data. Technically, the market is slightly negative due to bearishness in BTC. However, ETF inflows continue to be positive, which is a good sign. Currently, Solana is outperforming BTC and ETH due to ETF hype and BTC could still drop further,” the CoinDCX markets desk told Gadgets360.
Ether clocked losses alongside BTC on Wednesday, the crypto price tracker by Gadgets360 showed. At the time of writing, ETH was trading at $3,353 (roughly Rs. 2.80 lakh) on international exchanges, whereas the asset was priced $3,616 (roughly Rs. 3.02 lakh) on Indian exchanges.
“ETH after making the recent peak of $4,093 (roughly Rs. 3.41 lakh) witnessed a sharp correction and the prices fell by almost 31 percent. The asset started to trade in a ‘Descending Triangle’ pattern. ETH gave a breakout above the pattern and rallied up $3,977 (roughly Rs. 3.32 lakh). The bulls, however, failed to cross the psychological level of $4,000 (roughly Rs. 3.34 lakh) and the asset saw some profit booking and dropped to $3,240 (roughly Rs. 2.70 lakh),” the ZebPay trade desk told Gadgets360.
BTC and ETH were joined by most cryptocurrencies on the loss-making side of the price chart on Wednesday.
Tether, Ripple, Dogecoin, Avalanche, Shiba Inu, and Polkadot registered losses.
Other altcoins that registered losses include Litecoin, Polygon, Stellar, Cosmos, and Cronos.
The overall crypto market cap dipped by 2.76 percent in the last 24 hours, showed CoinMarketCap. The present sector valuation stands at $2.26 trillion (roughly Rs. 1,89,22.176 crore).
Only a handful of cryptocurrencies managed to see gains on Wednesday. These include Solana, Cardano, Tron, Chainlink, Near Protocol, and Leo.
“In altcoins, Solana seems to be the notable performer alongside 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 two million dollars revenue in a day, more than Ethereum’s daily revenue,” the CoinSwitch Markets Desk told Gadgets360. Solana is presently trading at $12,210 (roughly Rs. 10 lakh) on foreign exchanges and at $13,251 (roughly Rs. 11 lakh) on Indian exchanges.
The buzz around ETH and SOL ETFs in US and Canada is also likely a factor behind the instability seen in the global crypto sector.
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