BTC, ETH See Small Gains, Selling Pressure Looms Over Crypto Market
The crypto market is undergoing a period of price correction because of multiple macro-economic factors that are bringing volatility in the market. On Wednesday, July 10, Bitcoin showed a gain of over two percent, taking its value to $59,304 (roughly Rs. 49.5 lakh) on international exchanges like CoinMarketCap. On Indian exchanges, meanwhile, BTC managed to reflect a similar gain percentage to trade between the range of $57,906 (roughly Rs. 48.3 lakh) and $63,577 (roughly Rs. 53 lakh).
“The crypto market showed initial signs of recovery as market begins to digest the impact of German government large BTC release, adding to the selling pressure. Bitcoin rose by almost three percent in the last 24 hours. We can expect the markets to remain choppy in the coming weeks. If Bitcoin breaches the $60,000 mark and stays above it for at least two weeks, then we can expect the momentum to sustain,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Ether showed slightly different trajectories on national and international exchanges on Wednesday. The asset, with a gain of 1.06 percent on international exchanges, is trading at $3,115 (roughly Rs. 2.6 lakh). In India, ETH’s price is hovering over the mark of $3,313 (roughly Rs. 2.76 lakh) after seeing a small loss of 1.7 percent, as per Gadgets360’s crypto price tracker.
“Caution lingers as the market will absorb 75,000 to 118,000 BTC worth $4.3 billion (roughly Rs. 35,902 crore)-6.8 billion (roughly Rs. 56,776 crore) from Saxony and Mt. Gox customers. The Fed’s inflation response with rate hikes is a cloud on the horizon, but controlled inflation could bring price increases,” commented Avinash Shekhar, Co-founder and CEO Pi42 on Wednesday’s crypto market situation.
Tether, Binance Coin, Solana, Dogecoin, Shiba Inu, Litecoin, and Chainlink reflected losses on the crypto charts on Wednesday.
However, a bunch of cryptocurrencies did manage to see small gains on Wednesday. These include Cardano, Avalanche, Polkadot, Near Protocol, Polygon, and Uniswap.
The overall crypto market cap rose by 2.73 percent in the last 24 hours. With this, the valuation of the sector is now at $2.17 trillion (roughly Rs. 1,81,18,089 crore), as per CoinMarketCap.
Market analysts, manwhile, are closely observing the market movement of Toncoin – which is the native token of the Telegram-linked TON blockchain.
“After reaching a low of $7.09 (roughly Rs. 0.085), TON is now trading at $7.28 (roughly Rs. 0.087). Increased whale activity is evident, with nine major transactions totalling 359,000 TON in the past 24 hours, indicating investor optimism,” Rajagopal Menon, Vice President, WazirX told Gadgets360. “TON’s price resilience and strategic buying during dips are shown by its ability to maintain above key support levels, with the 50 EMA and 100 EMA serving as crucial indicators.”
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 TTN NEWS. TTN NEWS 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.
