Crypto Market in Pressure, Bitcoin Price less than USD 60,000, Ether drops 1 Percent
Ether was down about one percent. According to Gadgets360’s crypto price tracker, Ethereum The price was around $2,394. The prices of Cardano, USD Coin, Chainlink, Polygon, Litecoin and Ripple have also decreased. In the last one day, the market capitalization of the crypto segment was down by about 5.27 percent to about $ 2.09 trillion.
Edul Patel, CEO of crypto exchange Mudrex, told Gadgets360, “Nvidia, CrowdStrike, Salesforce and HP will release quarterly results on Wednesday. The market will be keeping an eye on these. These may impact the market sentiment and the price of Bitcoin. Volatility may increase in the next few days as quarterly results of many tech companies will be released. Shivam Thakral, CEO of BuyUcoin, another crypto exchange, said, “Uncertainty among investors and pressure on the market have led to liquidations of more than $300 million and this is the main reason for the decline in the crypto market.”
In the first half of the current year, the capitalization of the international cryptocurrency market has increased by about 44 percent to $ 720 billion. The launch of Bitcoin ETFs earlier this year has accelerated the growth of this segment. According to a report by crypto exchange Binance, Bitcoin has registered growth between January and June this year. The main reasons behind this are the launch of Bitcoin ETF and the fourth halving of its network. The value of the second largest cryptocurrency Ether has also increased rapidly. About $17 billion has been invested in Bitcoin ETFs in the US. The average trading volume per day in these ETFs is approximately $2.3 billion. This year, Bitcoin made its new high level after almost three years. Its price reached more than $73,737 in March. However, Bitcoin has declined significantly since then.
