Crypto Market Watch: Bitcoin, Ether Retain Minor Losses, Overall Markets Remain Volatile

On Thursday, July 6, Bitcoin slipped by 0.70 percent to trade at $30,448 (roughly Rs 25 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 6 July 2023 12:01 IST

Crypto Market Watch: Bitcoin, Ether Retain Minor Losses, Overall Markets Remain Volatile

Photo Credit: Pexels/ Rodnae Productions

As of July 6, the crypto sector valuation stands at $1.19 trillion

Highlights

Cardano, Dogecoin reflected losses
Cosmos reeling under losses as well
Profits struck Cronos, Dogefi

Despite the overall crypto market remaining unstable since the beginning of July, Bitcoin has managed to trade above the mark of $30,000 (roughly Rs. 24.5 lakh). On Thursday, July 6, Bitcoin slipped by 0.70 percent to trade at $30,448 (roughly Rs 25 lakh). The first ever cryptocurrency, Bitcoin has incurred a loss of $342 (roughly Rs. 28,185) over the last 24 hours. Industry insiders predict that the market could possibly witness a massive sell should it fail to touch the $31,000 (roughly Rs. 25.5 lakh) mark soon. BTC's dominance has increased slightly in the process and is currently around 51.36 percent.

Ether also followed its last day's market trajectory and settled in losses on Thursday. ETH, as per Gadgets 360's crypto price tracker, is currently trading at $1,906 (roughly Rs. 1.5 lakh) with a loss of 1.25 percent.

“Ethereum whales have been ramping up their activities as the number of transactions by ETH whales has gone up by 54 percent in the last two days. In a seven-day period, around $20 billion (roughly Rs. 1,64,945 crore) has been moved by ETH whales,” the CoinDCX team told Gadgets 360.

Account Abstraction Could Onboard Billions of Asians to Web3: Experts

With both, BTC and ETH seeing losses on Thursday, a large bunch of cryptocurrencies found themselves reeling under price slips. These include Binance Coin, Ripple, Cardano, Dogecoin, and Litecoin. Meanwhile, Tron, Polkadot, Polygon, Shiba Inu, Avalanche, Chainlink, and Cosmos also reflected losses on the price charts on Thursday.

“There has been slight selling pressure in the crypto market in the last 24 hours. BTC observed a little dip yesterday but Bulls maintained resilience near $30,300 (roughly Rs. 24.9 lakh) once again, showing strength and the psychological importance of this level,” Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, told Gadgets 360.

The overall valuation of the crypto sector dunked by 1.29 percent over the last 24 hours to currently be on the mark of $1.19 trillion (roughly Rs. 98,11,514 crore), as per CoinMarketCap.

Telegram-Backed TON Blockchain Adds Encryption to Messages: Details

“In contrast to the situation a few months ago, stablecoins are now lagging behind due to differences in regulations across regions. Their market cap reduction has resulted largely due to the de-pegging of fiat/crypto earlier this year which is creating an impact now,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.

The crypto fear and greed index is down by 5 points but remains in the greed zone with a score of 56/100.

Meanwhile, Tether, USD Coin, USD Coin, Solana, Bitcoin Cash, and Leo recorded profits on Thursday. Monero, Cronos, Dogefi, and Bitcoin Hedge also minted small gains in a relatively slow market.

“Cardano's Total value locked (TVL) has soared to a record high of over 725 Mn ADA tokens. In dollar terms, ADA's TVL has risen by 13 percent since last week to $212 million (roughly Rs. 1,748 crore), signalling its growing DeFi ecosystem,” the CoinDCX team added.

Despite the markets being unstable, developments in the sector continue to forge forward. Samsung, for instance, has partnered Terrain.art, a blockchain-powered online platform, to display over 2,100 India-focussed artworks on all 'The Frame' TV models.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More