Bitcoin Rises Amid EU MiCA Law Implementation; Altcoins Also See Profits on Market Optimism

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

Ether entered July trading at $3,491 (around Rs. 2.91 lakh) on foreign exchange. Over the past week, ETH prices managed to rise by $43 (around Rs. 3,587). The value of ETH in India, meanwhile, stands at $3,236 (around Rs. 2.70 lakh), as shown on the chart. cryptocurrency price chart by Gadgets360.

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

Most cryptocurrencies recorded profits on July 1, as shown by Gadgets360’s cryptocurrency tracker. These cryptocurrencies include Solana, Ripple, Cardano, Avalanche, TronAND Shiba Inu dog.

Profits also hit Polka dot, Close to the protocol, Polygon, Stellar, Cosmos, ChronoAND Bitcoin SV.

The overall cryptocurrency market capitalization has increased by 3.87% in the last 24 hours. At the time of writing, the cryptocurrency industry valuation stands at $2.33 trillion (approximately Rs. 1,94,40,413 crore), as shown CoinMarketCap.

“With the US presidential debate showing that pro-crypto Trump has a better chance of winning the next 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 favorable,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.

Among the cryptocurrencies in loss, Binance coin, LeoAND Trust in the brain they registered their names on Monday.

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

Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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