Bitcoin Price Stays Under $30,000; Ether, Stablecoins and Memecoins Register Losses

Bitcoin on Friday reflected a small loss again with its price laying lower that the mark of $30,000 (roughly Rs. 24.6 lakh). The value of Bitcoin currently stands at $29,352 (roughly Rs. 24.2 lakh) with a minor loss of 0.78 percent. In the last 24 hours, BTC price slipped by $215 (roughly Rs. 17,788). Despite a 0.2 percent increase in July's US Consumer Price Index (CPI), Bitcoin's price did not see a significantly impact. For over three weeks now, the price of Bitcoin has not been able to breach $30,000.

Ether recorded losses on Friday, impacted by Bitcoin's slump. With a minor loss of 0.57 percent, ETH is presently trading at $1,843 (roughly Rs. 1.52 lakh).

Majority of the other popular cryptocurrencies are also trading in losses today.

These include stablecoins Tether, Ripple, USD Coin, and Binance USD alongside memecoins Dogecoin and Shiba Inu.

“Except for Solana, others from the top ten cryptos by market capitalisation were trading slightly in the red. The market at large seems to have shown resilience around the announcement of the latest CPI numbers, which rose by 0.2 percent and were within market predictions,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.

In the last 24 hours, the overall crypto market valuation slipped by 0.46 percent to sit on the capitalisation of $1.17 trillion (roughly Rs. 96,82,428 crore), as per CoinMarketCap.

The crypto fear and greed index has fallen by two points and is currently in the neutral zone with a score of 51/100.

Only a handful of cryptocurrencies recorded small profits today.

These include Solana, Tron, Cartesi, Ardor, and Spell Token.

Numerous factors are simmering in the market climate, impacting the overall status of the crypto industry.

“The jobless claims data for the last week rose to 248,000, exceeding the consensus projection of 230,000. While inflation remains notably higher than the Fed's desired two percent target, the decelerating prices are expected to take some of the pressure off the Federal Reserve to keep hiking rates. The US central bank delivered another 25-bps hike last month. For now, that was supposed to be the last one,” the CoinDCX research team told Gadgets 360.

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