Bitcoin Shows Recovery Despite Small Dips, Stablecoins Reel-In Gains

On Wednesday, July 6, Bitcoin fell by 1.40 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $20,420 (roughly Rs. 16 lakh).

By Radhika Parashar | Updated: 6 July 2022 10:45 IST

Bitcoin Shows Recovery Despite Small Dips, Stablecoins Reel-In Gains

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The overall market cap of the crypto industry currently stands at $907 billion

Highlights

Dogecoin, Shiba Inu saw losses
Tether, Binance USD saw profits
DOGEFI and Cosmos also registered price hikes

The cryptocurrency market continues to be under the spell of volatility almost a month after majority crypto assets began slipping down. On Wednesday, July 6, Bitcoin fell by 1.40 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $20,420 (roughly Rs. 16 lakh). It is notable that despite incurring a small loss, BTC has managed to hold its value above the mark of $20,000 (roughly Rs. 15 lakh). Small losses also hit Bitcoin on international exchanges. As per Binance and CoinMarketCap, BTC values got axed by 1.42 percent to hover around $19.882 (roughly Rs. 15.70 lakh).

In a similar market movement, Ether reflected small dips on national, international price charts. ETH values touched $1,157 (roughly Rs. 91,800) after seeing a dip of 1.35 percent on Gadgets 360's crypto price tracker.

Cardano, Solana, Polkadot, and Tron emerged among loss-making altcoins.

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Dogecoin and Shiba Inu, both popular memecoins, saw dips.

Churning most out of the current market sentiment, stablecoins Tether and Binance USD registered minor gains.

Cosmos, DOGEFI, Bitcoin Hedge, and Flex managed to reap small profits.

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The overall market cap of the crypto industry currently stands at $907 billion (roughly Rs. 71,94,455 crore), as per CoinMarketCap.

In other crypto-related developments, Brazil got its first crypto-dedicated investigation unit that will not only probe related crimes, but will also drive awareness around digital assets.

Meanwhile, FTX US, the US affiliate of cryptocurrency exchange operator FTX, also inked an agreement that gives it the option to buy cryptocurrency company BlockFi for up to $240 million (roughly Rs. 1,895 crore).

Is Poco F4 5G a new best-of contender under Rs. 30,000? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Ripple, Dogecoin, Tron, Binance Coin, Cardano, Solana, Polkadot, Polygon, Binance USD, Tether, USD Coin, Cosmos, Dogefi, Bitcoin Hedge, Flex

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