Crypto Market Watch: Bitcoin Slips Down from $30,500 Mark, Losses Also Strike Ether, Stablecoins

Bitcoin, for a few days now, has been oscillating price-wise within the range of $30,000 (roughly Rs. 24.6 lakh) and $35,000 (roughly Rs. 28.7 lakh). However, on Thursday, June 29, Bitcoin reflected a loss of 0.98 percent to trade at the price point of $30,140 (roughly Rs. 24.7 lakh). In the last 24 hours, the most expensive cryptocurrency tumbled by $360 (roughly Rs. 29,530). The market dominance of BTC, despite the volatility, is on a rise, reclaiming the 52 percent mark.

“BTC continues to trade above $30,000 (roughly Rs. 24.6 lakh) even as exchange volumes have gradually started declining with the increasing consolidation phase. There seems to be major capital sitting on the sidelines waiting for a clear move with almost 50-50 longs and shorts open in almost all major exchanges. The biggest public buyer in recent days has been MicroStrategy, where they claimed to have bought BTC 12,333 taking their total holding to BTC 1,52,333.

Ether tagged behind Bitcoin on the loss-side of the price chart. With a price slip of 1.63 percent, the crypto asset is trading at $1,835 (1.5 lakh) on Thursday. Over the last day, the second-most expensive cryptocurrency lost $33 (roughly Rs. 2,710) from its value.

With both, BTC and ETH reeling under losses, majority altcoins incurred price dips today.

Tether, Binance Coin, Ripple, Cardano, Tron, and Solana joined BTC and ETH in losses.

Litecoin, Polkadot, Polygon, Bitcoin Cash, Dogecoin, and Shiba Inu also recorded tumbles.

The crypto market cap went down by 1.31 percent in the last 24 hours to stand at the valuation of $1.16 trillion (roughly Rs. 95,16,837 crore), showed the data by CoinMarketCap. The crypto fear and greed index, down by eight points, is back in the neutral zone with a score of 54/100.

Meanwhile, only a handful of cryptocurrencies recorded minor profits on Thursday.

These include USD Coin, Leo, Dogefi, Bitcoin Hedge, and Gas.

Despite the ongoing market fluctuations, industry insiders remain optimistic about the future of crypto and Web3.

“Venture capital firms have invested a record $707 million (roughly Rs. 5,800 crore) in metaverse projects in the first half of 2023. This represents 44 percent of all Web3 investments in the same period. Also, currently defunct exchange FTX is also reportedly planning to make a comeback by launching a brand-new exchange with a different name altogether,” the CoinDCX team told Gadgets 360.

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