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Cryptocurrency Price Today: Cryptocurrency Price July 24: Bitcoin Falls Below $66K; Avalanche and Dogecoin Down Up to 4%
Cryptocurrency Markets were trading in the red on Wednesday, led by Bitcoin, Ethereum, Solana and DogecoinMeanwhile, the global cryptocurrency market capitalization has fallen 0.64% to around $2.39 trillion in the past 24 hours. As of 12:35 pm IST, Bitcoin (BTC) was down 1% at $65,906, while Ethereum was down 0.25% at $3,439 following the debut of Ether ETFs on Tuesday.
“Bitcoin (BTC) has dropped below the $66,000 mark following news that creditors of the now-defunct Mt. Gox exchange have begun receiving their BTC via U.S. exchange Kraken,” CoinSwitch Markets Desk said.
After a nine-year wait, several creditors have reportedly received their BTC, with the total distributed amounting to a whopping $9 billion in BTC and Bitcoin Cash (BCH), CoinSwitch added.
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Edul Patel, CEO of Mudrex, said: “Bitcoin has seen significant volatility over the past 24 hours, with prices dropping below the $66,000 mark. This is coupled 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 has also shown volatility amid the green light for ETH ETF trading. Overall market sentiment remains bullish,” Edul added.
Avinash Shekhar, co-founder and CEO of Pi42, noted: “Bitcoin ETFs have seen $961 million in net inflows, but ETH derivatives remain subdued, indicating a lack of confidence in an immediate upside. Major concerns include potential outflows from Grayscale’s ETHE and uncertainty from 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 increased by up to 1.5%.
According to data available on CoinMarketCap, the volume of all stablecoins is now equal to $76.98 billion, or 92.61% of the total 24-hour cryptocurrency market volume.
In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.302 trillion. Bitcoin’s dominance currently stands at 54.3%, according to CoinMarketCap. BTC volume in the last 24 hours has fallen 24% to $32.8 billion.
(Disclaimer: Recommendations, suggestions, opinions and views provided by experts are personal. They do not represent the views of the Economic Times)
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