Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, continued to plummet, dropping below the $55,000 mark early Friday morning. Rising tensions around the U.S. presidential elections and increased selling pressure due to Mt. Gox's $9 billion liquidation are believed to have led to the current gloomy situation. Other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), fell across the board, with the market-wide Fear and Greed Index hitting 38 out of 100 (Fear), according to CoinMarketCap data. UNSE SED LEO (LEO) was the so-called biggest gainer, up less than 1% in 24 hours. CORE was the biggest loser, down about 22% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization was $1.99 trillion, down 8.32% in 24 hours.
Bitcoin (BTC) Price Today
According to CoinMarketCap, the price of Bitcoin was $54,2208.13, down 7.79% in 24 hours. According to Indian exchange WazirX, the price of BTC was Rs 50.38 lakh.
Ethereum (ETH) Price Today
The ETH price is at $2,878.96, down 10.81 percent in 24 hours at the time of writing. According to WazirX, the Ethereum price in India is at Rs 27 lakh crore.
Dogecoin (DOGE) price today
According to data from CoinMarketCap, DOGE has lost 15.19% in 24 hours and is currently priced at $0.07953. According to WazirX, the price of Dogecoin in India is Rs 9.15.
Litecoin (LTC) price today
Litecoin fell 15.19 percent in 24 hours and was trading at $70.46 at the time of writing. The LTC price in India was Rs 5,544.01.
Ripple (XRP) Price Today
The price of XRP was at $0.4046, down 12.01% in 24 hours, while Ripple was at Rs 3.86, according to WazirX.
Solana (SOL) Price Today
Solana was priced at $126.56, down 7.07 percent in 24 hours. According to WazirX, the price of SOL in India was Rs 11,765.01.
Top cryptocurrency gainers today (July 5th)
According to data from CoinMarketCap, the top five cryptocurrencies that have increased in value over the past 24 hours are:
UNUS SED LEO (LEO)
price: $5.78
24 hour increase: 0.36 percent
Tether Gold (XAUt)
price: $2,364.18
24 hour increase: 0.10 percent
Multiverse X (EGLD)
price: $31.75
24 hour increase: 5.82 percent
Quant (QNT)
price: $81.14
24 hour increase: 4.60 percent
Mantra (OM)
price: $0.8233
24 hour increase: 4.33 percent
Today's Biggest Crypto Losers (July 5th)
According to data from CoinMarketCap, the top five cryptocurrencies that fell in the last 24 hours were:
Akash Network (AKT)
price: $3.25
24 hours lost: 12.61 percent
Conflux (CFX)
price: $0.1489
24 hours lost: 12.50 percent
Phantom (FTM)
price: $0.492
24 hours lost: 11.34 percent
Beam (Beam)
price: $0.01579
24 hours lost: 11.16 percent
Floki
price: $0.0001565
24 hours lost: 11.16 percent
What Crypto Exchanges are saying about the current market scenario
Edur Patel, co-founder and CEO of Madrex, said on ABP Live: “Uncertainty over the US presidential elections and Mt. Gox inflows pushed Bitcoin to a two-month low of $55,000. Furthermore, the German government's move of another $175 million worth of Bitcoin and the Federal Reserve's indication that it is not ready to cut interest rates also added to the market pressure. However, Bitcoin has risen 80% in the past year. Bulls are active at lower levels, which is likely to push the price higher over the weekend. The next support is at $54,900 and resistance at $56,700. Investors and traders should keep a close eye on the market.”
CoinSwitch Markets Desk noted, “Cryptocurrency prices have plummeted over the past 24 hours, with large-scale liquidations fueling the price decline. There are currently three major supply gluts (Mt. Gox, US and German governments) being dumped into the BTC market, and expected selling pressure has caused the price of the largest crypto asset to fall by over 5% to levels not seen for six months after breaching the $55,000 level early today. The broader market has followed suit, with altcoin prices crashing and market-wide liquidations exceeding $300 million in the past 24 hours.”
Rajagopal Menon, Vice President at WazirX, said, “Bitcoin (BTC) has been hit by a wave of liquidations totaling $121.29 million as investors were forced to close long positions amid mounting losses. Over the past month, Bitcoin has fallen 15%, reflecting increased volatility and bearish sentiment in the market. Ether (ETH) has also faced significant pressure, falling 5%. This drop occurred despite recent talk of the possible launch of a spot Ether exchange-traded fund (ETF). The cryptocurrency hit its lowest level in over a month, wiping out the gains since May driven by ETF speculation.”
Sathvik Viswanath, CEO and co-founder of Unocoin, said: “Bitcoin recently fell below $60,000 to a low of $59,544 due to the strength of the US dollar and uncertainty surrounding the Federal Reserve's actions. Positive data on the US labor market, such as a significant increase in job openings, suggests that the likelihood of an imminent Fed rate cut is decreasing, leading to a stronger dollar. This economic situation will weigh on Bitcoin, with investors preferring traditional assets in the short term. Going forward, Bitcoin's trajectory will depend on the Fed's decisions and economic indicators. Any signs of economic weakness or a change in Fed policy could quickly change Bitcoin's outlook. Additionally, the planned launch of an Ethereum ETF on July 8 is expected to increase competition in the cryptocurrency market, which could negatively impact Bitcoin's performance as investors focus more on Ethereum.”
Shivam Thakral, CEO, BuyUcoin, said, “In today's crypto news update, Bitcoin (BTC) is again the biggest news, dropping a massive 8.62% in 24 hours of trading to $53,903.27 (CoinMarketCap: 10.38 PM IST). The sudden drop in BTC price, which broke the $54K level, has caused the overall crypto market cap to fall 8.9% to $1.9 Trillion, losing nearly $300 Billion in the past 24 hours. The reason for the drop is Mt. Gox transferring 47,228 BTC (worth $2.6 Billion) from cold storage to a new wallet. This will be distributed to Mt. Gox users who lost their assets in the 2014 hack.”
CoinDCX research team told ABP Live: “The crypto market saw a significant sell-off, with BTC dropping to $54,000 as Mt. Gox moved $2.7 billion worth of BTC. The next major support levels for BTC are near $50,700 and $47,000. For ETH, $2,850 is key support, with further support at $2,750 and $2,360. BTC ETF flows are also negative. Today's US unemployment release will be crucial and could further increase market volatility.”
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