Crypto Price Today: Bitcoin Value Falls Alongside Most Altcoins Amid Market Volatility Sparked by ETH ETFs

Bitcoin's value dropped by 1.93 percent on international exchanges, and is currently trading at $65,866 (roughly Rs. 55.1 lakh).

Written by Radhika Parashar, Edited by David Delima | Updated: 24 July 2024 11:41 IST

Crypto Price Today: Bitcoin Value Falls Alongside Most Altcoins Amid Market Volatility Sparked by ETH ETFs

Photo Credit: Pexels/ DS Stories

The overall crypto market cap stands at $2.39 trillion as of July 24

Highlights

ETH ETFs were approved in the US earlier this week
The decision did not have a favourable impact on crypto markets
Dogecoin, Solana are currently trading at lower values

The crypto market is undergoing heavy volatility in the backdrop of macroeconomic factors, market changes, and political turmoil. On Wednesday, Bitcoin price fell by 1.93 percent on international exchanges, to trade at $65,866 (roughly Rs. 55.1 lakh), as per CoinMarketCap data. In India, Bitcoin recorded a slightly higher loss of over two percent on local exchanges such as BuyUCoin and CoinSwitch. The trading range of BTC on Indian exchanges ranges between $66,043 (roughly Rs. 55.2 lakh) and $70,195 (roughly Rs. 58.7 lakh).

“BTC fell following the news that creditors of the now-defunct exchange Mt. Gox have begun receiving their BTC through Kraken. After a nine-year wait, multiple creditors have reportedly received their BTC, with the total distributed amounting to an impressive $9 billion (roughly Rs. 75,324 crore) in BTC and Bitcoin Cash (BCH),” the CoinSwitch markets desk told Gadgets360.

Ether registered a price drop of 0.44 percent over the last day. On international exchanges, ETH is trading at $3,440 (roughly Rs. 2.87 lakh). In India, meanwhile, ETH is priced at $3,452 (roughly Rs. 2.88 lakh) after incurring a loss of 0.55 percent.

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“ETH has been range-bound between $3,370 (roughly Rs. 2.82 lakh) and $3,560 (roughly Rs. 2.97 lakh) for a week, missing momentum from the July 23 ETF debut. Bitcoin ETFs saw $961 million in net inflows, but ETH derivatives remain subdued. This could hint at a lack of confidence in immediate upside,” Avinash Shekhar, CoFounder and CEO, Pi42 said on Wednesday.

Binance Coin, Solana, Dogecoin, and Cronos saw their values fall over the past 24 hours, as per the Gadgets360 crypto price tracker.

Similarly, Cardano, Avalanche, Shiba In, Polkadot, and Chainlink are also trading at lower values on Indian exchanges.

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Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, which did not mention the crypto industry or any measures to regulate the sector and modify existing taxes. This, coupled with the recent WazirX hack, could be some of the reasons that are leading to price cuts for crypto assets in India.

The overall crypto market cap dipped by 1.43 percent in the last 24 hours, as per CoinMarketCap data. With this, the sector valuation has come to $2.39 trillion (roughly Rs. 2,00,03,224 crore).

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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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