Bitcoin surges on EU MiCA law; Altcoins also see gains on market optimism

Bitcoin on Monday, July 1, showed price gains on foreign and local exchanges. According to CoinMarketCap, the most expensive crypto asset rose 4.26 percent in the past day to trade at $63,373 (around Rs 52.8 lakh) on international exchanges. Internationally, BTC was trading at $61,637 (around Rs 51.4 lakh) on global exchanges last week. This is the first time in over a month that BTC has crossed the $63,000 (around Rs 52.5 lakh) mark. Meanwhile, on Indian exchanges like WazirX and CoinSwitch, the current value of BTC is $68,110 (around Rs 56.8 lakh).

Ether began trading in July at $3,491 (around Rs 2.91 lakh) on overseas exchanges. Over the past week, ETH has managed to increase by $43 (approximately Rs. 3,587). The value of ETH in India, meanwhile, is $3,236 (approximately Rs 2.70 lakh), as shown on the Gadgets360 cryptocurrency price chart.

“The new EU Markets in Crypto-Assets Regulation (MiCA) has come into force, providing comprehensive legal and regulatory clarity for the digital asset market. MiCA aims to address the boom and bust cycles of the crypto industry and give euro-denominated stablecoins a chance to succeed,” CoinSwitch Markets Desk told Gadgets360, commenting on the market’s growth.

Most cryptocurrencies posted gains on July 1, as shown by cryptocurrency tracker Gadgets360. These cryptocurrencies include Solana, Ripple, Cardano, Avalanche, Tron, and Shiba Inu.

Polkadot, Near Protocol, Polygon, Stellar, Cosmos, Cronos and Bitcoin SV also saw gains.

The overall cryptocurrency market capitalization increased by 3.87 percent in the last 24 hours. At the time of writing, the cryptocurrency sector is valued at $2.33 trillion (approximately Rs 1,94,40,413 crore), CoinMarketCap shows.

“As the US presidential debate showed that pro-crypto Trump has a better chance of winning the upcoming election, investors are optimistic about the future of the world’s largest digital asset. The cryptocurrency market will maintain this momentum this week if macroeconomic factors remain supportive,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Among the loss-making cryptocurrencies, Binance Coin, Leo and Braintrust registered their names on Monday.

“Overall, the market looks healthy right now, but this week will be crucial due to key U.S. macroeconomic events such as job openings and unemployment rate announcements,” CoinDCX told Gadgets360.

Cryptocurrency is an unregulated digital currency, not legal tender, and is subject to market risk. The information contained in the article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss incurred as a result of an investment based on any recommendation, forecast, or other information contained in the article.