Major cryptocurrencies traded in the red early on July 21 as the global crypto market cap declined 3.46 percent to $1.02 trillion over the last day. The total crypto market volume declined 6.03 percent to $95.32 billion over the last 24 hours.
The total volume in DeFi stood at $8.27 billion, 8.68 percent of the total crypto market 24-hour volume. The volume of all stable coins was at $86.78 billion, which is 91.04 percent of the total crypto market 24-hour volume.
The price of Bitcoin hovered around Rs 18.24 lakh, with a dominance of 42.60 percent. This is an 0.38 percent increase over the day, according to data from CoinMarketCap.
Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla Inc had sold about 75 per cent of its holdings of the virtual token. Tesla sold $936 million worth of bitcoin in the second quarter, more than a year after the company bought $1.5 billion of the cryptocurrency at the peak of its massive growth and popularity.
Tesla Chief Executive Elon Musk cited concerns about his company's "overall liquidity" as the reason for the sale.
In India, expert said the country should not deprive itself from the benefits of cryptocurrencies. This comes a couple of days after Union Finance Minister Nirmala Sitharaman reiterated the Reserve Bank of India's apprehensions on the unregulated virtual currencies.
The experts and industry players whom Moneycontrol spoke to stressed that despite the regulatory concerns, the government should consider the benefits that can come through the widespread usage of cryptocurrencies.
Meanwhile, billionaire investor Mike Novogratz says that Bitcoin can hit the $500,000 mark in the next five years, thanks to increased adoption and outstanding properties. The Wall Street veteran said Bitcoin has some outstanding properties, including being tailor-made to be an anti-inflation store of value.
Novogratz believes the ability to easily transfer it makes crypto better than gold in so many different ways.As of 8.47 am on July 21, these are the prices of largest cryptocurrencies (data from WazirX):
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