BTC Loss, ETH Usher Altcoins Fall Again, Stablecoins Keep Green
Cryptocurrency price charts mirrored the recovery earlier this month, but the majority of cryptocurrencies were unable to hold onto those gains. On Tuesday, July 12, Bitcoin dropped 2.65% to trade at $20,934 (about Rs 16 lakh) on Indian exchange CoinSwitch Kuber. Most of the top cryptocurrencies also experienced similar losses on international exchanges. According to Binance and CoinMarketCap, the value of BTC has dropped by more than 2.64% so that the cryptocurrency trades at $19,937 (approximately Rs 15.8 lakh).
Ethereum recorded an even higher loss than Bitcoin on trade size. According to Gadgets 360’s Cryptocurrency price trackerEther value hovers around $1,161 (approximately Rs 92,400) after losing more than 4.70%.
On Tuesday, while stablecoins like Tether, Money USDand Binance USD have seen small profits, the majority of altcoins are trading under a losing streak.
Including today’s losing altcoins Ripple, Cardano, Solanaand Polkadot.
Dogecoin and Shiba Inu also remains low on the price charts.
Currently, the global crypto market cap is $888.72 billion (approximately Rs 70,73,368), after seeing a 3.05% drop in the past day, CoinMarketCap data showed.
In a market downturn, Ethereum Name Service (ENS) Domain has emerged as a popular liquid asset exchange in the market for virtual assets such as OpenSea. The drop in ETH and gas prices attracted members of the crypto fraternity to buy and exchange ENS addresses.
A decentralized domain name protocol, ENS, provides logical and readable crypto wallet addresses by replacing traditional long and complicated crypto wallet addresses.
Meanwhile, law enforcement organizations in the United States have begun issuing warnings against ‘romantic scams’ that are spreading in the country, defrauding people of their crypto assets.
These warnings come after a report According to BanklessTimes, crypto investors in the US lost $185 million (approximately Rs 1,500) between January 2021 and March 2022 because of romance scams.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendations, forecasts or any other information contained in the article.
