Markets
Cryptocurrency Price Today: Cryptocurrency Price July 24: Bitcoin Falls Below $66,000; Avalanche, Dogecoin Drop Up To 4%
Cryptocurrency Markets traded in the red on Wednesday, led by Bitcoin, Ethereum, Solana and DogecoinMeanwhile, the global cryptocurrency market cap declined 0.64% to around $2.39 trillion in the last 24 hours. At 12:35 pm IST, Bitcoin (BTC) was trading 1% lower at $65,906, while Ethereum fell 0.25% to $3,439 after the Ether ETF debuted on Tuesday.
“Bitcoin (BTC) fell below $66,000 following news that creditors of the now-defunct Mt. Gox exchange have started receiving their BTC via US-based exchange Kraken,” CoinSwitch Markets Desk reported.
After a nine-year wait, several creditors have reportedly received their BTC, with the total distributed coming to an impressive $9 billion in BTC and Bitcoin Cash (BCH), CoinSwitch added.
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Edul Patel, CEO of Mudrex, said, “Bitcoin has seen considerable volatility over the past 24 hours, with prices falling below $66,000. This comes with Mt. Gox moving significant amounts of Bitcoin between wallets. The cryptocurrency is currently facing immediate resistance at $67,401, with support at $64,874.”
“Ethereum also showed some volatility amid the green light given to ETH ETF trading. Overall market sentiment remains bullish,” Edul added.
Avinash Shekhar, Co-Founder and CEO of Pi42, noted: “Bitcoin ETFs saw $961 million in net inflows, but ETH derivatives remain subdued, indicating a lack of confidence in an immediate upside. Key concerns include potential ETHE outflows from Grayscale and uncertainty over Mt. Gox’s BTC move. However, ETH futures are holding above a 10% premium, suggesting moderate optimism.”
Other popular altcoins, such as Solana (1%), Dogecoin (1.4%), Avalanche (4.4%), Polkadot (0.6%), and NEAR Protocol (0.8%) also declined. On the other hand, BNB, XRP, Toncoin, and Tron jumped up to 1.5%.
The volume of all stablecoins is now $76.98 billion, which represents 92.61% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.302 trillion. Bitcoin’s dominance is currently at 54.3%, according to CoinMarketCap. BTC volume in the last 24 hours has dropped 24% to $32.8 billion.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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