BTC, ETH, SOL See Significant Dips as Most Altcoins Get Struck With Losses
The overall crypto market registered a substantial dip on the last day of June 2022. Bitcoin encountered a loss of 2.27 percent on June 30. This brought its price to $21,111 (roughly Rs. 16.60 lakh) as per Indian exchange CoinSwitch Kuber. Similarly, dips of nearly two percent hit BTC on a global level as well. As per Binance and CoinMarketCap, BTC’s current price is hovering around $20,069 (roughly Rs. 15.80 lakh). Bitcoin, however, is not the only crypto asset that seems to be struggling with losses.
Ether and Solana — both popular altcoins — found themselves impacted by dips of 5.36 percent and 7.71 percent respectively.
While ETH is trading at $1,147 (roughly Rs. 90,589), SOL is currently priced at $34 (roughly Rs. 2,740), as per Gadgets 360’s crypto price tracker.
Binance Coin, Cardano, Ripple, Polkadot, Avalanche, and Polygon also joined BTC, ETH, and SOL on the loss trail.
Even stablecoins, such as Tether, USD Coin, and Binance USD also failed to swim against the market movement for gains and rather ended up seeing losses.
Shiba Inu, Dogecoin, Uniswap, and Cosmos managed to see small profits.
The overall crypto market has stooped to $892 billion (roughly Rs. 70,43,820 crore) from what it was one day ago — $929 billion (roughly Rs. 73,11,028 crore).
“It is crucial that industry stakeholders not lose faith in the potential of crypto assets, and continue to build and develop products in support of the growth of the crypto ecosystem,” the CoinDCX research team told Gadgets 360.
Amid the ongoing crypto market slump meanwhile, the Russian parliament has rolled out approval on a draft law proposing a tax relief on issuers of digital assets and cryptocurrencies in the country.
In India, crypto adoption is seeing a gradual growth. Over 6,000 sign-ups have already been recorded in the first three weeks for the largest Tezos hackathon in Asia. Participants can win over $100,000 (roughly Rs. 79 lakh) in prizes and grants.
In the US, millennials continue to see crypto as a viable, long-term investment instrument and choose crypto investments over mutual funds, a report by Alto investment firm recently said.
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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