Small Dips, Stablecoins Reel-In Gains Despite Bitcoin Shows Recovery

The cryptocurrency market continues to be under the spell of volatility almost a month after the majority of crypto assets began slipping down. On Wednesday, July 6, Bitcoin fell by 1.40 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading at $20,420 (roughly Rs. 16 lakh). It is notable that despite incurring a small loss, BTC has managed to hold its value above the mark of $20,000 (roughly Rs. 15 lakh). Small losses also hit Bitcoin on international exchanges. As per Binance and CoinMarketCap, BTC values ​​got axed by 1.42 percent to hover around $19.882 (roughly Rs. 15.70 lakh).

In a similar market movement, Ether reflected small dips on national, international price charts. ETH values ​​touched $1,157 (roughly Rs. 91,800) after seeing a dip of 1.35 percent on Gadgets 360’s crypto price tracker.

Cardano, Solana, Polkadot, and Tron emerged among loss-making altcoins.

Dogecoin and Shiba Inu, both popular memecoins, saw dips.

Churning most out of the current market sentiment, stablecoins Tether and Binance USD registered minor gains.

Cosmos, DOGEFI, Bitcoin Hedge, and Flex managed to reap small profits.

The overall market cap of the crypto industry currently stands at $907 billion (roughly Rs. 71,94,455 crore), as per CoinMarketCap.

In other crypto-related developments, Brazil got its first crypto-dedicated investigation unit that will not only probe related crimes, but will also drive awareness around digital assets.

Meanwhile, FTX US, the US affiliate of cryptocurrency exchange operator FTX, also inked an agreement that gives it the option to buy cryptocurrency company BlockFi for up to $240 million (roughly Rs. 1,895 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.