Crypto crash news update (11 July): Increasing selling pressure led to a dip in the cryptocurrency markets over the weekend. In the last 24 hours, the global cryptocurrency market cap fell more than 3% to $915 billion over the day while Bitcoin once again fell below $21,000, according to CoinMarketCap data at the time of writing (11.50 am, India time).
The global crypto market volume over the last 24 hours decreased 4.33% to $53.48 billion while the total volume in DeFi was $4.38 billion, representing 8.2% of the total crypto market 24-hour volume. The volume of all stablecoins was $48 billion, 90% of the total crypto market 24-hour volume.
Bitcoin (BTC) dominance decreased by 0.28 per cent to 42.81%. BTC price dropped 3.64% in the last 24 hours. At the time of writing, BTC was trading at $20,530. In the last 7 days, BTC price has increased by around 7%
ETH fall hits network projects
“Most cryptocurrencies dipped over the weekend with increasing selling pressure. Despite the decline, Bitcoin has gained nearly 8% over the past week. If bulls can keep the bar above the US$21,000 level, we might see sharp upward moves. If sellers take over the BTC, we might likely see a bearish trend this week,” Edul Patel, CEO and co-founder of crypto investment platform Mudrex told FE Online.
“As the price of Ethereum falls, the revenue of projects based on the network is also plunging drastically. ETH has lost nearly 5%, and it is about to test its support level at US$1,200. If buyers lose control to sellers, we might see Ethereum falling to the US$1,000 zone,” he added.
Next key support for Bitcoin at $14,000
“Last week, Bitcoin was on an uptrend and had crossed the $22,000 level with the U.S. Feds saying that the recessional concern is exaggerated. However, BTC dropped below $21K through the weekend. On the 4-hourly time frame, the BTC chart has broken out of the triangle pattern. However, the trend has dropped marginally and it is retesting the pattern. The daily RSI that had earlier surged to 50, dropped to the 40 level in the last couple of days with extremely low trading volumes in the same period. The next key support for Bitcoin is at $14,000,” analysts at WazirX Trade Desk shared in a note.
“Ethereum has been closing in Red for the last 3 to 4 days after it had begun an upsurge last week. ETH against Bitcoin has lost marginally in the last couple of days as Bitcoin’s dominance index crossed the 44% level. The weekly chart for ETH-BTC continues to traverse within an ascending channel pattern, trading at the support levels. The next key support for ETH-BTC is expected at 0.046 level and next resistance is expected at 0.076,” they added.
Crypto Rupee Index Change
Crypto Rupee Index (CRE8) by CoinSwitch increased 0.26 2% in the last 24 hours to Rs 2462 at the time of writing. CRE8 tracks crypto market performance in INR.
Top Crypto Prices on July 11
Ethereum (ETH): Ethereum price decreased 3.5% to $1150 in the last 24 hours. In the last 7 days, ETH price has increased by 9%. It is currently ranked as the 2nd largest crypto asset.
Binance (BNB): Binance Chain coin’s price decreased 2.15% to $231 in the last 24 hours. In the last 7 days, BNB price has increased nearly 7%. It is currently ranked as the 5th largest crypto asset.
XRP: XRP coin’s price decreased 5.24% to $0.3213 in the last 24 hours. In the last 7 days, XRP price has increased by 0.81%. It is currently ranked as the 7th biggest crypto.
Solana (SOL): Solana price decreased 4.83% to $35.62 in the last 24 hours. In the last 7 days, SOL price has increased by around 9%. It is currently ranked as the 9th biggest crypto asset.
Cardano (ADA): Cardano token’s price fell 3.64% to $0.4536 in the last 24 hours. In the last 7 days, ADA price has increased 1.23%. It is currently ranked as 8th biggest crypto asset.
Dogecoin’s (DOGE) price decreased 3.5% in the last 24 hours. DOGE is currently ranked 10th. The price of DOGE at the time of this report was $0.06602.
Price of Polkadot (DOT) fell 4% to $6.79. Avalanche (AVAX) price decreased over 5% to $18.55 in the last 24 hours. Both DOT and AVAX are currently ranked 12th and 16th respectively on CoinMarketCap.
Polygon (Matic) price fell around 3% to $0.5559 in the last 24 hours. In the last 7 days, MATIC price has increased by 22%. It is currently ranked 19th on CoinMarketCap.
Shiba Inu (SHIB) fell 2.15 per cent in the last 24 hours to $0.0000111. It is currently ranked 14th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)