Bitcoin Recaptures the $20,300 Mark While Polygon Sees Major Gains

The month of June 2022 was brutal in terms of Bitcoin and broader market correction. The world’s largest cryptocurrency collapsed by more than 37 percent recording its worst monthly performance since 2011. Since then, Bitcoin has been consolidating at around $20,000 (roughly Rs. 15.8 lakh) levels. As things stand, the price of the world largest cryptocurrency by market value is hovering around the $20,300 (roughly Rs. 16.05 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values ​​Bitcoin at $20,892 (roughly Rs. 16.5 lakh), up by 5 percent in the past 24 hours.

On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $20,304 (roughly Rs. 16.05 lakh) while CoinGecko data shows that BTC’s value is currently down by 1.8 percent week-to-day.

Ether, meanwhile, witnessed a considerable rise in value too. At the time of publishing, Ether is valued at $1,188 (roughly Rs. 94,000) on CoinSwitch Kuber while values ​​on global exchanges see the crypto’s value at $1,163 (roughly Rs. 92,003), where the cryptocurrency has gained by 10.34 percent over the past 24 hours.

Despite Ether’s price movement over the past 24 hours, the cryptocurrency’s value continues to stand at a further 2.3 percent from its value last week, as per CoinGecko data.

Gadgets 360’s cryptocurrency price tracker reveals that a host of major altcoin marked gains over the past day — as the global crypto market capitalization saw a rise of 5.83 percent in the last 24 hours. BNB, Solana, Polkadot, Stellar, Avalanche, and Cardano all marked major gains while Polygon, Uniswap, and Cosmos topped the charts with double-digit gains.

Memecoins Shiba Inu and Dogecoin have also witnessed some ups on the day. Dogecoin is currently valued at $0.07 (roughly Rs. 5.6) after gaining some 2.73 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000011 (roughly Rs. 0.000865), up by 4.98 percent over the past day.

Singapore-based crypto lending and trading platform Vault said on Monday it would suspend withdrawals and trading and seek new investors, the latest sign of stress in the embattled crypto industry.

Vault said it had appointed legal and financial advisers, was in discussions with potential investors, and would also apply to the Singapore courts for a moratorium that would have any proceedings against it halted to give it time to carry out a restructuring.

The crypto industry has been shaken by a series of collapses in recent months including the failure of algorithmic stablecoin TerraUSD, large US-based lender Celsius network pausing withdrawals and Singapore-based crypto hedge fund Three Arrows Capital entering into liquidation.

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