crypto price today: Cryptocurrency price on July 24: Bitcoin falls below $66,000;

Market

Cryptocurrency markets traded in the red on Wednesday, dragged by Bitcoin, Ethereum, Solana, and Dogecoin. Meanwhile, the global cryptocurrency market cap declined by 0.64% to around $2.39 trillion in the last 24 hours.At 12:35 pm IST, Bitcoin (BTC) was trading 1% lower at $65,906, while Ethereum fell 0.25% to $3,439 after Ether ETFs debut on Tuesday.

“Bitcoin (BTC) fell below the $66,000 mark following the news that creditors of the now-defunct exchange Mt. Gox have begun receiving their BTC through the U.S. based exchange Kraken,” said CoinSwitch Markets Desk.

After a nine-year wait, multiple creditors have reportedly received their BTC, with the total distributed amounting to an impressive $9 billion in BTC and Bitcoin Cash (BCH), CoinSwitch added.

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Edul Patel, CEO of Mudrex, said, “Bitcoin witnessed considerable volatility in the past 24 hours as prices dipped below the $66,000 mark. This is accompanied by 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 also exhibited volatility amidst the green light for ETH ETF trading. Overall market sentiment remains optimistic,” Edul added.

Avinash Shekhar, Co-Founder & CEO of Pi42, noted, “Bitcoin ETFs saw $961 million in net inflows, but ETH derivatives remain subdued, indicating a lack of confidence in immediate upside. Key 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 surged up to 1.5%.

The volume of all stablecoins is now $76.98 billion, which is 92.61% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $1.302 trillion. Bitcoin’s dominance is currently 54.3%, according to CoinMarketCap. BTC volume in the last 24 hours fell 24% to $32.8 billion.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)