Bitcoin, Ether Enter July Trading Rink With Minor Losses, Majority Altcoins Stay Low on Value Marks

As per Indian exchange CoinSwitch Kuber, BTC’s current price is $20,015 (roughly Rs. 15.80 lakh).

By Radhika Parashar | Updated: 4 July 2022 10:57 IST

Bitcoin, Ether Enter July Trading Rink With Minor Losses, Majority Altcoins Stay Low on Value Marks

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Current market cap of the crypto industry stands at $863 billion

Highlights

Ripple, DOGE see gains
Profits also registered by Tron, Avalanche
RBI governor calls cryptocurrency ‘clear danger’

While the month has shifted from June to July, the sentiment of the crypto market failed to show any major shifts. On July 4, Monday, Bitcoin opened trading with a minor loss of 0.60 percent. As per Indian exchange CoinSwitch Kuber, BTC's current price is $20,015 (roughly Rs. 15.80 lakh). Around last week, the asset had begun to rise above the mark of $20,000 (roughly Rs. 15 lakh), but it slipped again over the weekend. As per international exchanges like Binance and CoinMarketCap, Bitcoin values are hovering around $19,101 (roughly Rs. 15.08 lakh).

Ether encountered a fate similar to Bitcoin on the price charts. The world's second most-valued crypto asset dipped by 0.19 percent. As per Gadgets 360's crypto price tracker, ETH is trading at $1,114 (roughly Rs. 87,990)

With both of the top two cryptocurrencies dealing with losses, majority other altcoins also remained negatively impacted by the ongoing market volatility.

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Except for Ripple, Dogecoin, Tron, and Avalanche — that managed to reel-in miniscule profits — all other popular cryptocurrencies opened lowly on Monday.

These include Binance Coin, Cardano, Solana, Polkadot, Polygon, Uniswap, and Litecoin among others.

In fact, even stablecoins such as Binance USD, USD Coin, and Tether only saw losses amid the slowed down market momentum.

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The overall market cap of the crypto sector that stood at over $2 trillion (roughly Rs. 15,610,304 crore) around March, has tumbled down to its current figure of $863 billion (roughly Rs. 68,21,971 crore) in the last three months.

Recently, Shaktikanda Das, the governor of the Reserve Bank of India (RBI) had said that cryptocurrencies are a “clear danger”.

“Not all cryptocurrencies are valuable, as many coins have grown out of pure speculation, but that can be resolved by education and awareness. Bitcoin, on the other hand, is an innovation that creates a monetary system that no one person or entity controls,” Kumar Gaurav, the CEO and founder of cryptocurrency bank Cashaa told Gadgets 360, commenting on the RBI governor's claims.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Ripple, Dogecoin, Tron, Avalanche, Binance Coin, Cardano, Solana, Polkadot, Polygon, Uniswap, Litecoin, Binance USD, Tether, USD Coin

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More