Bitcoin Surges Amid EU MiCA Rollout; Altcoins Also See Profits on Market Optimism

Bitcoin surged in price on Monday (July 1) across foreign and local exchanges. According to CoinMarketCap, the most expensive crypto asset surged by 4.26% in the past day to trade at $63,373 (roughly Rs. 52.8 lakh) on international exchanges. Internationally, BTC was trading at $61,637 (roughly Rs. 51.4 lakh) on global exchanges last week. This is the first time in over a month that BTC has crossed the $63,000 (roughly Rs. 52.5 lakh) mark. Meanwhile, on Indian exchanges like WazirX and CoinSwitch, BTC is currently trading at $68,110 (roughly Rs. 56.8 lakh).

Ether ETH price started July at $3,491 (roughly Rs. 2.91 lakh) in overseas markets. Over the past week, ETH price has managed to increase by $43 (roughly Rs. 3,587). The value of ETH in India, on the other hand, stands at $3,236 (roughly Rs. 2.70 lakh) as shown in the chart. cryptocurrency price chart by Gadgets360.

“The new EU Markets in Crypto-Assets (MiCA) Regulation has come into force, bringing comprehensive legal and regulatory clarity for the digital asset market. MiCA aims to address the boom-bust cycles of the cryptocurrency industry and give euro-denominated stablecoins a fighting chance,” CoinSwitch’s markets desk told Gadgets360, commenting on the market rally.

The majority of cryptocurrencies saw profits on July 1, as shown by Gadgets360’s crypto tracker. These cryptocurrencies include Solana, Ripple, Cardano, avalanche, TronAnd Shiba Inu.

Profits were also hit Peas, Close protocol, Polygon, Stellar, Cosmos, ChronosAnd Bitcoin SV.

The overall cryptocurrency market capitalization has increased by 3.87% in the last 24 hours. At the time of writing, the valuation of the cryptocurrency sector stands at $2.33 trillion (roughly Rs. 1,94,40,413 crore), shows CoinMarketCap.

“With the US presidential debate showing pro-cryptocurrency Trump has a better chance of winning the upcoming election, investors are optimistic about the future of the world’s largest digital asset. The cryptocurrency market will maintain this momentum this week if macroeconomic factors remain favorable,” BuyUcoin CEO Shivam Thakral told Gadgets360.

Among the loss-making cryptocurrencies, Binance Coin, LeoAnd Thinking group registered their names on Monday.

“Overall, the market looks healthy at the moment, but this week will be crucial due to key macroeconomic events in the US such as job openings and unemployment rate announcements,” CoinDCX told Gadgets360.

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