Friday, August 19, 2022

Crypto market is not catching the pace, sluggish start even in July, know the latest price

The month of July has started, but no major changes are being seen in the crypto market. On Monday, the world’s most popular cryptocurrency Bitcoin (Bitcoin) started trading with a slight decline of 0.60 percent. According to the Indian exchange CoinSwitch Kuber, the current price of BTC is $ 20,015 (about Rs 15.80 lakh). Bitcoin started to rise above the $20,000 mark (about Rs 15 lakh) around the last week, but fell again over the weekend. According to international exchanges like Binance and CoinMarketCap, the value of bitcoin is around $19,101 (approximately Rs.15.08 lakh).

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The fate of Ether, the world’s second most popular cryptocurrency, is also similar to that of bitcoin. Its value has declined by 0.19 percent. According to Gadgets 360’s crypto price tracker, Ether is trading at $1,114 (approximately Rs 87,990).

Apart from seeing the losses of the top 2 cryptocurrencies, most of the altcoins have also been affected by the ongoing volatility in the market. Barring Ripple, Dodgecoin, Tron and Avalanche, almost all popular cryptocurrencies have started on the downside. These include Binance Coin, Cardano, Solana, Polkadot, Polygon, Uniswap and Litecoin etc. Stablecoins included in Binance USD, USD Coin and Tether have also seen losses.

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The total market cap of the crypto sector around March was over $2 trillion (approximately Rs 15,610,304 crore), which has fallen to $863 billion (approximately Rs 68,21,971 crore) in the last three months. Recently Reserve Bank of India (RBI) Governor Shaktikanta Das said that cryptocurrencies are a ‘clear danger’.

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Even though there is a period of decline in the crypto market, but cryptocurrency is also being adopted. According to recent news, Shiba Inu and DodgeCoin users can now make payments for Uber Eats and DoorDash in cryptocurrencies as well. But this payment will be done through BitPay. BitPay has announced that now its users can also use Shiba Inu and DodgeCoin to pay for Uber Eats and DoorDash’s food delivery in BitPay payment service.

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