The inflation data shared by the US this week showed that the market situation is improving, and the information is impacting the crypto market. Bitcoin on Friday, July 14, minted a profit of 3.87 percent to trade at the price point of $31,458 (roughly Rs. 25,7 lakh). This is the first time in days that Bitcoin has managed to mint profits of over one percent. In the last 24 hours, the value of BTC rose substantially by $1,130 (roughly Rs. 92,619).
Ether also tailed along with Bitcoin to see profits, even bigger than Bitcoin. With a gain of 7.57 percent, the value of ETH stood at $2,007 (roughly Rs. 1.64 lakh) at the time of writing. This is the first time in two months that ETH has been able to cross the $2,000 (roughly Rs. 1.63 lakh) mark.
Most other cryptocurrencies rallied behind Bitcoin and Ether on the profit-making side of the crypto price chart.
These include Binance Coin, Ripple, Cardano, Dogecoin, and Polygon.
In addition, Litecoin, Tron, Polkadot, Avalanche, and Shiba Inu also minted profits.
“These market gains have been triggered by a US court ruling which is partially in favour of Ripple. The court has stated that the trading of XRP (+61.9%) amongst retail investors can’t be dubbed as a ‘securities’ sale. The SEC continues to hold its stance against the ruling and will likely re-appeal, but overall this has set a strong precedence for the sector and has resulted in a massive rally in prices,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
“BTC is now trading at its highest level this year and could explore a clear breakout in prices if the positive momentum continues.”
The overall crypto market rose by 6.80 percent in the last 24 hours. This takes the industry’s capitalisation to $1.26 trillion (roughly Rs. 1,03,38,111 crore), shows data by CoinMarketCap. The crypto fear and greed index has jumped three points to remain in the greed zone with a score of 60/100.
Only a small number of cryptocurrencies recorded losses on Friday. These include USD Coin, Bitcoin Cash, Binance USD, LEO, and Qtum.
Dogefi, Cosmos, Underdog, and Floki Inu also registered small price dips.
In other news, Google PlayStore has changed its policy to allow developers to incorporate digital assets into their apps and games. The updated guidelines are “aimed at creating a level playing field that promotes user trust, and responsible usage of blockchain technology”.
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.
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