Bitcoin Surges Amid EU's MiCA Law Rollout; Altcoins Also See Profits Due to Market Optimism

As per CoinMarketCap, the most expensive crypto asset grew by 4.26 percent over the last day to trade at the price point of $63,373 (roughly Rs. 52.8 lakh) on international exchanges.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 1 July 2024 12:42 IST

Bitcoin Surges Amid EU's MiCA Law Rollout; Altcoins Also See Profits Due to Market Optimism

Photo Credit: Reuters

The crypto market valuation, as of July 1, stands at $2.33 trillion

Highlights

Shiba Inu, Tron saw profits
Leo, Braintrust saw losses
Cronos and Cosmos recorded minor gains

Bitcoin on Monday, July 1 showed price hikes on foreign as well as local exchanges. As per CoinMarketCap, the most expensive crypto asset grew by 4.26 percent over the last day to trade at the price point of $63,373 (roughly Rs. 52.8 lakh) on international exchanges. Internationally, BTC was trading at $61,637 (roughly Rs. 51.4 lakh) on global exchanges last week. This is the first time in over a month that BTC has breached the mark of $63,000 (roughly Rs. 52.5 lakh). Meanwhile on Indian exchanges like WazirX and CoinSwitch, the current value of BTC stands at $68,110 (roughly Rs. 56.8 lakh).

Ether stepped into July trading at $3,491 (roughly Rs. 2.91 lakh) on foreign exchanges. Over the last week, ETH has managed to grow in prices by $43 (roughly Rs. 3,587). The value of ETH in India, meanwhile, stands at $3,236 (roughly Rs. 2.70 lakh) as shown on the crypto price chart by Gadgets360.

“The EU's new Markets in Crypto-Assets (MiCA) regulation has taken effect, providing comprehensive legal and regulatory clarity for the digital asset market. MiCA aims to address the crypto industry's boom-bust cycles and give euro-denominated stablecoins a chance to succeed,” the CoinSwitch Markets Desk told Gadgets360, commenting on the market rally.

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Majority cryptocurrencies recorded profits on July 1, as shown by Gadgets360's crypto tracker. These cryptocurrencies include Solana, Ripple, Cardano, Avalanche, Tron, and Shiba Inu.

Profits also struck Polkadot, Near Protocol, Polygon, Stellar, Cosmos, Cronos, and Bitcoin SV.

The overall crypto market cap rose by 3.87 percent in the last 24 hours. At the time of writing, the crypto sector valuation stands at $2.33 trillion (roughly Rs. 1,94,40,413 crore), shows CoinMarketCap.

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“With the US presidential debate showing that pro-crypto Trump has a better chance of winning the upcoming elections, investors are optimistic about the future of the world's largest digital asset. The crypto market will sustain this momentum this week if the macroeconomic factors remain favourable,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Among loss-making cryptocurrencies, Binance Coin, Leo, and Braintrust registered their names on Monday.

“Overall, the market looks healthy right now, but this week will be crucial due to key U.S. macro events such as the job openings and unemployment rate announcements,” CoinDCX told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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