The crypto price chart reflected losses next to most cryptocurrencies on July 10. Bitcoin on Monday incurred a loss of 0.66 percent. Despite the minor hiccup, the most expensive cryptocurrency has managed to keep its price above the mark of $30,000 (roughly Rs. 24.7 lakh). At the time of writing, Bitcoin was trading at $30,131 (roughly Rs. 24.8 lakh). From last Friday, BTC value went up by $21 (roughly Rs. 1,735), indicating that the weekend only saw little to no change in the market sentiment.
Ether, in a conventional market movement, trailed behind Bitcoin on the loss-making side of the price chart. With a value cut of 0.57 percent, ETH is trading at $1,860 (roughly Rs. 1.53 lakh). The value of ETH also did not change significantly from its last Friday’s trading value of $1,852 (roughly Rs. 1.53 lakh).
“Bitcoin began the new week with a horizontal trading pattern, holding steady above the $30,000 threshold. Over the past few days, BTC has traded within the range of $30,000 (roughly Rs. 24.7 lakh) and $31,400 (roughly Rs. 25.9 lakh). This range reflects the active involvement of both bullish and bearish participants, with the bulls demonstrating a resilient defence of the crucial $30,000 level. Notably, the market has experienced a decrease in volatility compared to the previous week, signifying a consolidation phase. If the bulls are unable to maintain the $30,000 support level, the subsequent important level to monitor lies around $29,500 (roughly Rs. 24.3 lakh) which could potentially trigger a breakout,” Edul Patel, the CEO of Mudrex crypto investment platform, told Gadgets 360.
The valuation of the overall crypto sector dropped by 0.69 percent in the last 24 hours to sit on the capitalisation of $1.17 trillion (roughly Rs. 96,64,083 crore), as per CoinMarketCap.
The crypto fear and index, up by a point since yesterday, continue to remain in the greed zone with a score of 56/100.
Industry insiders believe the market could remain low this week.
“Investors are likely to closely observe inflation numbers and jobless claims this week, as they will be considered by the Fed to decide on their next move related to interest rates. While the BTC ETF narrative bolstered investor sentiments over the past month, a new report by JP Morgan suggests that this offering may not be as revolutionary. The report suggests that similar products have existed in Canada and Europe and witnessed limited inflows. However, whales continue to accumulate BTC and aren’t showing signs of a slowdown,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Only a small number of altcoins recorded profits on Monday.
“Market focus will shift to inflation data and jobless claims, crucial factors for the Federal Reserve’s interest rate decisions. Crypto markets are likely to react accordingly,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
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