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There was also a decline in the price of Ether. It was around $2,877 on Indian exchanges and around $2,745 on international exchanges. Apart from this, the prices of Solana, Polkadot, Cardano, Polygon, Cronos and Bitcon SV have also decreased. In the last one day Crypto Market capitalization of was down 0.40 percent to around $2.25 trillion.
Edul Patel, CEO of crypto exchange Mudrex, said that despite the volatility in the market, bitcoin could reach $69,000. However, the arrest of Telegram co-founder Durov has increased pressure on the crypto market. The markets desk of crypto app CoinSwitch said, “Durov’s arrest in France has led to a loss of more than three billion dollars in Telegram’s Toncoin.” The capitalization of the international cryptocurrency market grew by about 44 percent to $720 billion in the first half of the current year. The launch of bitcoin ETFs earlier this year has accelerated the growth of this segment.
According to a report by crypto exchange Binance, bitcoin has registered growth between January and June this year. The main reasons behind this are the launch of bitcoin ETF and the fourth halving of its network. The value of the second largest cryptocurrency Ether has also increased rapidly. About $17 billion has been invested in bitcoin ETFs in the US. The average trading per day in these ETFs is about $2.3 billion. This year, bitcoin made its new high level after almost three years. Its price reached more than $73,737 in March. However, it has been declining for the last few months. Tensions between some countries and regulatory challenges are major reasons behind the decline in bitcoin. However, the central government has no plans to regulate this segment. The European Union and UAE have made rules for the crypto segment.
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