The cryptocurrency market, for the first time in weeks, opened with majority coins seeing profits on Friday, July 8. Bitcoin prices touched $22,230 (roughly Rs. 17.60 lakhs) after days of being stuck around the mark of $20,000 (roughly Rs. 16 lakh). As per Indian exchange CoinSwitch Kuber, BTC prices have risen by a significant 6.82 percent at the close of July’s first week. Unconventionally so, BTC saw even higher profits on international exchanges. On Binance and Coinbase for instance, BTC rose by over 8.25 percent to trade at $22,079 (roughly Rs. 17 lakh).
Ethereum followed Bitcoin to see profits today. As per Gadgets 360’s crypto price tracker, ETH prices are up by 6.23 percent. Ether is currently trading at $1,267 (roughly Rs. 1 lakh).
Majority other altcoins managed to see profits after a loss streak that clouded the crypto industry.
These include Binance Coin, Ripple, Cardano, Solana, Polkadot, and Avalanche — all saw escalation in prices.
Even Dogecoin and Shiba Inu reeled-in gains.
Only a handful of altcoins, like Tether, USD Coin, Monero, and Decentraland got struck by losses today.
Overall, the global crypto market cap went up by 5.54 percent over the last day. At present, it stands at $968 billion (roughly Rs. 76,75,798 crore), as per CoinMarketCap.
Meanwhile, the blockchain industry is bagging investments and regulatory laws in its favour in several parts of the world.
Italy’s Ministry of Economic Development, for instance, is planning to provide up to $46 million (roughly Rs. 364 crore) in subsidies for developing projects in the blockchain and Web3 sector.
It is also noteworthy that Web3 projects have caught the eye of hackers and cyber exploiters around the world.
As per a report by CertiK, Web3 projects have lost more than $2 billion (roughly Rs. 15,844 crore) to hacks and exploits in the first six months of 2022— more than all of 2021 combined.
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.
