Bitcoin Fails to Reach $30,000, Ether Marks Eighth Anniversary With Loss

Bitcoin is trading at the price point of $29,425 (roughly Rs. 24 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 31 July 2023 11:47 IST

Bitcoin Fails to Reach $30,000, Ether Marks Eighth Anniversary With Loss

Photo Credit: Reuters

The valuation of the crypto sector stands at $1.18 trillion as of July 31

Highlights

Binance Coin, Cardano recorded small gains
Qtum recorded gains
Losses struck Stellar and Chainlink

The Bitcoin cryptocurrency reflected small profits on Monday. At the time of writing, the most expensive cryptocurrency was trading at the price point of $29,425 (roughly Rs. 24 lakh). It has been over a week since Bitcoin last traded above the price point of $30,000 (roughly Rs. 24.6 lakh). The market sentiment seems to have assimilated the news about Curve Finance falling victim to an exploit over the weekend. This incident has reportedly put $100 million (roughly Rs. 822 crore) worth of cryptocurrencies at risk.

Ether, as opposed to Bitcoin, registered a small loss of 0.51 percent on Monday. The crypto asset is currently priced $1,870 (roughly Rs. 1.53 lakh). Over the weekend, Ether marked its eighth anniversary. Co-founded by Vitalik Buterin, Gavin Wood, Anthony Di Iorio, and Joseph Lubin — ETH is second to only Bitcoin with a market capitalisation of over $225 billion (roughly Rs. 18,51,365 crore).

Bitcoin and Ether taking different routes often signifies a slow, sideways trading sentiment that is currently prevalent in the market.

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Binance Coin, Cardano, Bitcoin Cash, Leo, and Near Protocol recorded minor profits alongside Bitcoin.

Small gains were also recorded by EOS Coin, Bitcoin SV, Neo Coin, and Qtum on Monday.

Loss-making cryptocurrencies, meanwhile, were more in number than profit-making ones.

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Tether, Ripple, USD Coin, Dogecoin, Solana, Tron, and Litecoin slipped in prices along with Ether.

Minor value dips were also registered by Polygon, Polkadot, Shiba Inu, Avalanche, Stellar, Chainlink, and Uniswap on Monday.

The overall valuation of the crypto sector stands at $1.18 trillion (roughly Rs. 97,11,105 crore) with a drop of 0.26 percent in the last 24 hours, as per CoinMarketCap.

Industry experts estimate that in the coming days, the crypto sector could see an influx of investors flocking back to digital assets.

“The banking crisis in the US continues to persist. The Federal Deposit Insurance Corporation (FDIC) has closed down the Kansas Heartland Tri-State Bank. The failure of this bank might be attributed to the impact of rising US interest rates to tackle inflation,” Edul Patel, the CEO of crypto investment firm Mudrex, told Gadgets 360.

The crypto fear and greed index meanwhile, remains in the neutral zone with a score of 50/100; down two points from yesterday.

“Bitcoin, the largest crypto has been consolidating in this range for several weeks, as investors await further clarity on the macroeconomic indicators like inflation. However, there are some positive signs for Bitcoin bulls. Long-term holders (LTHs) are demonstrating a notable absence of selling pressure. Approximately 71 percent of the realised capitalisation of Bitcoin remained unmoved for over six months. This data indicates that LTHs are not rushing to sell their BTC holdings, contributing to the reduced selling pressure in the market,” the CoinDCX research team told Gadgets 360.

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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