BTC, ETH Down Globally, Crypto Rates Drop in India After WazirX Breach
Bitcoin is now being traded for a value of $58,862 on Indian markets, which is approximately equivalent to Rs. 50 lakh as a result of the recent event that caused a drop in crypto rate.
Within the last 24 hours, the cryptocurrency market saw a little decline in prices. On Friday, July 19, many cryptocurrencies saw price variations on global exchanges. However, Indian markets witnessed significant price decreases due to a security compromise in one of WazirX’s multi-signature wallets. Bitcoin is now being traded at a value of $64,056 (about Rs. 53.5 lakh) on CoinMarketCap, representing a decrease of 1.17 percent. On Indian cryptocurrency platforms such as BuyUCoin and WazirX, the price of BTC is now $58,862 (about Rs. 50 lakh), after a decrease of up to 12.39 percent.
If BTC is unable to surpass the resistance zone around $64,650 (about Rs. 54.09 lakh), it may decline towards the $62,500 (approximately Rs. 52.2 lakh) level. Moreover, the latest breach of WazirX has intensified the strain on Indian investors. “Market players should diligently observe the market and stay informed,” said Edul Patel, CEO of Mudrex, in an interview with Gadgets360.
Ether had a marginal decline of 0.22 percent, reaching a trading value of $3,416 (about Rs. 2.85 lakh) on CoinMarketCap. On Indian exchanges, the price of ETH is now fluctuating between $3,100 (about Rs. 2.59 lakh) and $3,413 (approximately Rs. 2.85 lakh) after a decline of up to 13.60 percent.
According to Gadgets360’s crypto price tracker on Friday, the majority of cryptocurrencies in India are seeing a decline in trading value.
The cryptocurrencies in question include Tether, Binance Coin, Solana, Ripple, Dogecoin, Cardano, Avalanche, and Shiba Inu.
Polkadot, Chainlink, Bitcoin Cash, Leo, and Litecoin saw declines as well
The market capitalization of the cryptocurrency market decreased by 0.63 percent throughout the last 24 hours. Currently, the cryptocurrency industry is valued at $2.35 trillion (about Rs. 1,96,50,183 crore), according to CoinMarketCap.
On Friday, Near Protocol, Cronos, Bitcon SV, and Iota had marginal increases.
Several prominent financial institutions in the United States, including as BlackRock, Fidelity, 21Shares, Grayscale, Bitwise, and Invesco Galaxy, have formally filed their final S-1 files to the Securities and Exchange Commission (SEC) in order to seek clearance for spot ether exchange-traded funds (ETFs). The regulatory authority will likely approve these petitions next week, and they plan to launch the funds on Tuesday. The clearance has the potential to be a significant turning point for the cryptocurrency sector in the United States,” said the CoinSwitch markets department to Gadgets360.
CREDIT: Allneeds, Gadgets360
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