Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, continued to be in freefall as it dipped below the $55,000 mark early Friday. The growing tensions amid US Presidential elections as well as the increased selling pressure due to the $9-billion release from Mt. Gox are believed to have led to the current gloom. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board as the overall Market Fear & Greed Index stood at 38 (Fear) out of 100, as per CoinMarketCap data. The UNSE SED LEO (LEO) emerged to be the so-called biggest gainer, with a 24-hour jump of less than 1 percent. CORE became the biggest loser, with a 24-hour dip of nearly 22 percent.
The global crypto market cap stood at $1.99 trillion at the time of writing, registering a 24-hour dip of 8.32 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $54,2208.13, registering a 24-hour loss of 7.79 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 50.38 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,878.96, marking a 24-hour dip of 10.81 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.70 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 15.19 percent, as per CoinMarketCap data, currently priced at $0.07953. As per WazirX, Dogecoin price in India stood at Rs 9.15.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 15.19 percent. At the time of writing, it was trading at $70.46. LTC price in India stood at Rs 5,544.01.
Ripple (XRP) Price Today
XRP price stood at $0.4046, seeing a 24-hour loss of 12.01 percent. As per WazirX, Ripple price stood at Rs 3.86.
Solana (SOL) Price Today
Solana price stood at $126.56, marking a 24-hour dip of 7.07 percent. As per WazirX, SOL price in India stood at Rs 11,765.01.
Top Crypto Gainers Today (July 5)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
UNUS SED LEO (LEO)
Price: $5.78
24-hour gain: 0.36 percent
Tether Gold (XAUt)
Price: $2,364.18
24-hour gain: 0.10 percent
MultiversX (EGLD)
Price: $31.75
24-hour gain: 5.82 percent
Quant (QNT)
Price: $81.14
24-hour gain: 4.60 percent
MANTRA (OM)
Price: $0.8233
24-hour gain: 4.33 percent
Top Crypto Losers Today (July 5)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Akash Network (AKT)
Price: $3.25
24-hour loss: 12.61 percent
Conflux (CFX)
Price: $0.1489
24-hour loss: 12.50 percent
Fantom (FTM)
Price: $0.492
24-hour loss: 11.34 percent
Beam (BEAM)
Price: $0.01579
24-hour loss: 11.16 percent
Floki (FLOKI)
Price: $0.0001565
24-hour loss: 11.16 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin fell to $55,000 level hitting its two-month low amid the presidential election uncertainty in the US and Mt Gox flows. Additionally, the German Government moving yet another $175 Mn in Bitcoin and the Federal Reserve signalling it’s not ready to cut rates also added to the pressure in the market. However, BTC is still up by 80% over the past year. As bulls are active at the lower levels, they are likely to push the price up over the weekend. The next support lies at the $54,900 level and the resistance is at $56,700. Investors and traders should monitor the market closely.”
CoinSwitch Markets Desk noted, “Crypto prices have nosedived in the last 24 hours, with massive liquidations further fuelling the drop in prices. With 3 major supply overhangs (Mt.Gox, US and German Governments) currently being unloaded onto the BTC markets, the expected selling pressure has brought down prices of the largest crypto asset to levels from six months ago, after breaching the $55k mark earlier today, down >5%. The broader markets have followed suit with altcoin price getting crushed, and market-wide liquidations exceeding $300mm in the last 24 hours.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin (BTC) experienced a wave of liquidations totalling $121.29 million as long positions were forced to close amid mounting losses. Over the past month, Bitcoin has fallen by 15%, reflecting heightened market volatility and bearish sentiment. Ether (ETH) also faced significant pressure, declining by 5%. This drop occurred despite recent buzz about the potential launch of a spot Ether exchange-traded fund (ETF). The cryptocurrency reached its lowest level in over a month, wiping out gains from May that were driven by ETF speculation.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin recently fell below $60,000 and hit a low of $59,544 amid a stronger US dollar and uncertainty over Federal Reserve actions. Positive data on the US labour market, including a strong increase in job vacancies, suggest reduced chances of an imminent Fed rate cut, which will strengthen the dollar. This economic backdrop weighs on Bitcoin, with investors favouring traditional assets in the short term. Looking ahead, Bitcoin’s trajectory depends on Fed decisions and economic indicators. Any signs of economic weakness or shifts in Fed policy could quickly change Bitcoin’s outlook. In addition, the upcoming launch of the Ethereum ETF on July 8 is expected to increase competition in the crypto market, which may have a negative impact on the performance of Bitcoin due to the increased focus of investors on Ethereum.”
Shivam Thakral, CEO of BuyUcoin, said, “In today’s crypto news update, Bitcoin (BTC) is once again the biggest news. It had dropped a massive 8.62% in 24-hour tor trade at $53,903.27 at (CoinMarketCap: 10.38 PM IST). The sharp fall in BTC price which breached the $54K mark has resulted in the overall crypto market cap falling 8.9% to $1.9 trillion, eroding nearly $300 billion over the past 24 hours. What led to this fall is Mt Gox moving 47,228 BTC worth $2.6 billion from cold storage to a new wallet. This will be distributed to MtGox users who lost assets in the 2014 hack.”
CoinDCX Research Team told ABP Live, “The crypto market has dropped significantly, with BTC falling to $54,000 due to Mt. Gox moving BTC worth $2.7 billion. The next key support levels for BTC are at $50,700 and around $47,000. ETH is at key support at $2,850, with further support at $2,750 and $2,360. BTC ETF flows have also been negative. Today’s U.S. unemployment rate announcement will be crucial and could induce more volatility in the market.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
