The crypto market crossed the second weekend of July with more cryptocurrencies seeing losses than profits. Bitcoin on Monday, July 17, saw a profit of 0.14 percent. The value of Bitcoin at the time of writing, stood at $30,255 (roughly Rs. 24.8 lakh). In the coming days, the SEC is likely review BlackRock’s spot BTC ETF application. The crypto market could see a positive price action in BTC’s performance if the application is approved.
Ether dropped in value by 0.30 percent, showed the crypto price tracker by Gadgets 360. The value of ETH is presently hovering over the price point of $1,924 (roughly Rs. 1.58 lakh).
With BTC and ETH taking different routes, the crypto price chart is distinctly divided into two sides.
Ripple, USD Coin, and Solana followed Bitcoin on the profit-making side of the crypto price chart.
Stellar, Uniswap, Elrond, Bitcoin SV, Iota, and Zcash also managed to mint small profits.
“The market has reached a resistance level for the past few weeks. The approval of Bitcoin’s spot ETF application can help it move upward and reach the projected levels for this year with a potential increase of approx. 20 percent. Ripple’s victory against SEC has given the market an impetus to be bullish about the future of crypto,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
Meanwhile on the other hand, losses struck Tether, Binance Coin, Cardano, Dogecoin, and Polygon.
Tron, Litecoin, Polkadot, Avalanche, and Bitcoin Cash also registered minor dips, but substantial enough to turn the crypto price chart red.
Hinting towards a subtle correction in the market and investor sentiment, the crypto fear and greed index is down three points from yesterday. The index has re-entered the neutral zone with the current score of 54/100.
The overall crypto market valuation recorded a gain of 0.26 percent in the last 24 hours. The crypto market cap, at the time of writing, stood at the mark of $1.21 trillion (roughly Rs. 99,43,864 crore).
There are some developments in the crypto pipeline however, that, in a wider picture could trigger developments in the Web3 space. These plans are keeping industry experts hopeful about better days coming for crypto.
“From a tokenomics lens, CLabs, the entity behind the Celo blockchain, is aiming to return to the Ethereum ecosystem by transitioning from an independent EVM-compatible layer-1 blockchain to an Ethereum layer-2 solution. This move is likely to positively impact the developers, and enable increased security, without impacting the users. This news has led to an upward price trend for CELO (+13.59 percent),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
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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