Tuesday, Jul 05, 2022

Bitcoin, Ethereum, Doge, Shiba Inu Continue On Downward Journey

Bitcoin was trading well below its physiological mark of $47,000 at $45,896.34, down 3.91 per cent. Rival Ethereum was trading at $3814.5, falling 3.99 per cent, according to coinmarketcap.com.

Prices of major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), continue to remain under pressure despite some positive developments. Meanwhile, at a recently conducted conference, Bank of Tanzania’s Governor Florens Luoga said the public is still allowed to dabble in crypto-related investments “at their own risk. We can’t outlaw something that we are not yet competent with or regulate a game that we don’t know how it is played,” as per a story by the citizen.co.tz.

As of 8.14 am, Bitcoin was trading well below its physiological mark of $47,000. It is now trading at $45,896.34, which indicates a fall in the price of 3.91 per cent. Rival Ethereum was also no different, it continued to fall and is trading at $3814.5, down by 3.99 per cent, coinmarketcap.com data showed.

Algorand, which is known as the Ethereum killer, was down by 3.78 per cent at $1.34. Its market cap now stands at $8,482,546,086.

Among other major coins, Binance Coin (BNB) is down by 1.39 per cent at $521.45. Cardano (ADA) continues to make fresh lows amid increasing volatility; it now trades at $1.21, indicating a decrease of 2.95 per cent over the last 24 hours. Solana (SOL) is currently trading with a loss of 3.75 per cent at $172.03.

The global crypto market cap has decreased by 3.08 per cent; it now stands at $2.15 trillion. The total crypto market volume over the last 24 hours is $106.13 billion, which is an 18.57 per cent increase, adding further to a volatile trading day.

Today’s top gainer was Eminer (EM), which was up 312.08 per cent at $0.01189. The top loser was Crimecash (CGOLD), which is trading at $4818.72, a decrease in the price of 99.57 per cent in the last 24 hours.

Meme Coins

The same story continues among meme coins as well.

Dogecoin (DOGE) continued to fall after rising 20 per cent in a day as soon as Elon musk announced that Tesla merchandise can now be bought using DOGE. Amid huge profit booking at every rise, at 8.31 am, DOGE was down by 3.29 per cent at $0.1678.

In association with Bitpay, VR club announced that its members can now use Shiba Inu among other alternatives to pay for, reported Yahoo Finance. Despite this positive recognition as a digital currency, Shiba Inu continues to bleed losses. It is now trading at $0.00003119 with a loss of 5.33 per cent.

ELON is down by 4.65 per cent at $0.000001087 and FLOKI INU by 7.11 per cent at $0.0001243. Samoyed Coin (SAMO) is down by 8.61 per cent at $0.03986.

Latest Updates

Justin Tron, the founder of Tron Blockchain is leaving his company to join as Ambassador to the World Trade Organization for Grenada, reported CoinDesk. He will now try to establish a more harmonized relationship with international regulatory jurisdictions.

Coinbase will try to create a crucial element in the metaverse world, Avatar identities, its founder explained in a recent blog post on its website.

Boeing, the US’s largest aerospace company, has expressed its desire to build its next airplane in the “metaverse” according to a report by Reuters.