Cryptocurrency Price Today: The global cryptocurrency market on Saturday, July 2, remained flat but stayed in the red zone for four consecutive days. Recession worries and inflationary pressure has set most crypto coins on a volatile mode, especially after a report concluded that the US economy contracted by 1.6 per cent in the first quarter of this year. Investors, worried about this, have been trying to sell their coins, with the stock markets being volatile as well, while they are also not looking to invest in any more risky assets.
The global cryptocurrency market stayed below the $900 million mark for another day on Saturday. At the time of writing this article, the cryptocurrency market cap was $865.52 billion, a decrease of 0.74 per cent over the past day, data from CoinMarketCap showed.
Bitcoin on the day also stayed below the $20,000 mark 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 per cent over the past day. Meanwhile, Ether price today remained flat and stayed barely over the $1,000 mark for two straight days. At the time of writing this article, Ethereum price was standing at $1,044.44, which is down by 2.22 per cent over the past 24 hours.
“Bitcoin dropped below $19K last day before recovering back above $20,000. Meanwhile the BTC balance on exchanges has hit a critically low level according to data from Galssnode. It is an indication that Bitcoin investors and whales are accumulating and HODling onto their coins despite the falling prices. This is a bullish sign which could eventually set off a reversal in trend. The daily trend for BTC is traversing within a descending triangle pattern. The next key support is expected at $14,000,” said the WazirX Trade Desk on July 1.
Back home, India has implemented rules regarding the tax deducted at source on virtual digital assets (VDAs) and cryptocurrencies that have come into effect from Friday, July 1. The rules make it compulsory for the buyer of a VDA to deduct 1 per cent of the amount paid to the seller (resident Indian) as income tax deducted at source (TDS).
Here are the top 10 cryptocurrencies and their prices on July 2, 2022, Saturday
Bitcoin $19,167.39 or 2.08 per cent gain in the last 24 hours
Ethereum $1,044.44 or 2.22 per cent loss in the last 24 hours
Tether $0.9991 or 0.02 per cent gain in the last 24 hours
USD Coin $1.00 or 0.01 per cent gain in the last 24 hours
BNB $216.59 or 1.58 per cent gain in the last 24 hours
Binance USD $0.9995 or 0.21 per cent loss in the last 24 hours
XRP $0.3128 or 1.72 per cent loss in the last 24 hours
Cardano $0.4459 or 1.91 per cent loss in the last 24 hours
Solana $32.57 or 1.77 per cent loss in the last 24 hours
Dogecoin $0.06668 or 0.28 per cent gain in the last 24 hours