Cryptocurrency Price Today: The global cryptocurrency market on Saturday, July 2, remained flat but remained in the red zone for four consecutive days. Recession worries and inflationary pressures have sent most cryptocurrencies into volatile mode, especially after a report concluded that the US economy shrank 1.6 percent in the first quarter of this year. Investors worried about this have been trying to sell their coins, while the stock markets are also volatile, while also not wanting to invest in riskier assets.
The global cryptocurrency market remained below $900 million for another day on Saturday. At the time of writing this article, the cryptocurrency market cap was $865.52 billion, down 0.74 percent from the past day, data from CoinMarketCap showed.
Bitcoin also remained below $20,000 on the day after recovering on the previous day. Bitcoin price today registered a value of $19,167.39 at 1346 IST, which is a dip of 2.08 percent over the past day. Meanwhile, Ether price remained flat today, barely staying above $1,000 for two days in a row. At the time of writing this article, the Ethereum price was at $1,044.44, which is down 2.22 percent in the past 24 hours.
Bitcoin dropped below $19K in the past day before recovering above $20,000. Meanwhile, the BTC balance on exchanges has reached a critically low level according to data from Galssnode. It is an indication that Bitcoin investors and whales are accumulating and minting their coins despite falling prices. This is a bullish sign that could eventually cause a reversal in the trend. The daily trend for BTC is in a descending triangle pattern. The next major support is expected at $14,000,” the WazirX Trade Desk said on July 1.
At home, India has introduced rules regarding the withholding tax on virtual digital assets (VDAs) and cryptocurrencies that will come into effect from Friday, July 1. The rules require the buyer of a VDA to pay 1 percent of the amount paid to the seller (Indian resident) as a withheld at source income tax (TDS).
Here are the top 10 cryptocurrencies and their prices as of July 2, 2022, Saturday, (according to data from coinmarketcap.com)
Bitcoin $19,167.39 or 2.08 percent gain in the last 24 hours
Ethereum $1,044.44 or 2.22 percent loss in the last 24 hours
Tether $0.9991 or 0.02 percent gain in the last 24 hours
USD Coin $1.00 or 0.01 percent gain in the last 24 hours
BNB $216.59 or 1.58 percent gain in the last 24 hours
Binance $0.9995 USD or 0.21 percent loss in the last 24 hours
XRP $0.3128 or 1.72 percent loss in the last 24 hours
Cardano $0.4459 or 1.91 percent loss in the last 24 hours
Solana $32.57 or 1.77 percent loss in the last 24 hours
Dogecoin $0.06668 or 0.28 percent gain in the last 24 hours
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