Barring the US dollar pegged USD Coin and XRP, all other major crypto tokens were trading in the green, but with limited gains in the last 24 hours. Ethereum, Solana, Shiba Inu and Unus Sed Leo gained a per cent each.
The global cryptocurrency market cap was trading lower at the $870.34 billion mark, dropping close to two per cent in the last 24 hours. However, the total cryptocurrency trading volume gained about 4 per cent to $55.52 billion.
Expert take
Bitcoin's prices continue to fluctuate and the price action seems to be stuck in a sideways pattern, said WazirX Trade Desk. There has been a significant increase in demand for Bitcoin hardware wallets in Russia, it added.
"In other news, 75 per cent of Bitcoin nodes have enabled taproot, which brings additional security, scalability, privacy, and smart contract functionality to the Bitcoin network," WazirX said.
Global updates- Celsius Network, the troubled crypto lender, fully paid off its debt on the decentralized finance (DeFi) protocol Aave, freeing up collateral through a maneuver almost identical to one it conducted last week on the rival protocol Maker.
- Troubled crypto lender Celsius Network is 'deeply insolvent,' alleged the US state of Vermont’s Department of Financial Regulation (DFR), noting that the lender lacks the assets and liquidity to honor its obligations.
- At its height, Voyager Digital boasted 3.5 million users (roughly what Coinbase boasted in 2015) and $5.9 billion in assets, comparable to a small regional bank or respectable wealth management firm.
- A policy paper released by the Shanghai city government on July 8 outlined its strategy to cultivate a metaverse industry worth 350 billion yuan ($52 billion) by the end of 2025.
- Venture capital firm Lightspeed Venture Partners has unveiled three U.S. funds totaling $6.6 billion and a $500 million India early-stage fund, bringing total committed capital across the company to $18 billion.
Tech view by BuyUcoin cryptocurrency exchange
Avalanche (AVAX) lost key support. It is down by almost 7.5 per cent in the last 7 days owing to the selling pressure surrounding the crypto market.
The hawkish stance taken by Fed is triggering an extended bearish phase which may become more intense after the CPI data is released today. The AVAX was expected to breach the crucial $21 mark but instead, it settled at a new lower support level of $17.
ET CONTRIBUTORSThe recovery in AVAX prices is possible if overall crypto market conditions improve and sellers decide to step back. It will take some time and positive development to bring the bulls back into the crypto market.
The current downward trend in the AVAX price may continue as the macroeconomic factors surrounding the financial markets continue to remain shaky.
(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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