The events of the previous week sparked negative sentiments in the cryptocurrency sector, and we’re excited to see what this month has in store. Before you begin, check out our Cryptocurrency Market Weekly Updates.
According to CoinMarketCap, the current market cap is ₹172.17 Trillion on 08 July. Meanwhile, in the past few months, even the top-performing coins were seen struggling and were trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹4,606,040.16, reflecting a 4.82% fall within the last 24 hours with a massive drop of 12.98% over 7 days. Talking about Ethereum, ETH is currently valued at ₹240,199.64, showing a 5.68% drop in the past 24 hours, with a ground-breaking fall of 17.64% over 7 days.
Cryptocurrency Market Weekly Updates: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Dogecoin (DOGE), Pepe (PEPE), and BNB (BNB).
In the past week, the price of Dogecoin (DOGE) showed a 19.03% drop. Moreover, the token also experienced a marginal drop of 8.42% in the past 24 hours. The token is currently trading at the price of ₹8.55.
Talking about Pepe (PEPE), the token illustrated a 31.43% fall as compared to other major cryptocurrencies. Furthermore, PEPE has also shown a 13.54% drop in the past 24 hours, trading at a price range of ₹0.0006896.
In addition, the BNB (BNB) token decreased by 16.54% in the last 7 days. Moreover, in the past 24 hours, the token also dropped by more than 5.90%. In addition, the price of the BNB token is trading at ₹40,749.25.
Top Crypto Gainers & Losers
The past week remains one of the most stressful weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:
How the Crypto Market Became Bearish?
The crypto market has suffered enormous losses over the previous week due to three primary factors: the US economic slowdown, Mt Gox repayment, and the ongoing outflow of assets from Bitcoin ETFs. These factors strongly influenced the attitudes of crypto investors, resulting in large fund liquidation.
Apart from that, the anticipation around the official launch of Spot Ethereum ETFs is weighing on the minds of major Ethereum investors.
Cryptocurrency Market Weekly Updates: Trending News From the Last Week
▪️ Mt. Gox, the failed cryptocurrency exchange, has started repaying its debts in Bitcoin (BTC) and Bitcoin Cash (BCH). As part of its rehabilitation strategy, repayments are being made to select rehabilitation creditors using specified cryptocurrency exchanges.
▪️ The Basel Committee on Banking Supervision has adopted a disclosure framework for banks’ exposure to cryptocurrency, which must be implemented by the beginning of 2026 as the world’s central banks seek to maintain market discipline and ensure adequate information is accessible to evaluate risks.
▪️ PancakeSwap, a multichain DEX, has launched a big community award scheme beginning July 5 and concluding on August 5. The platform will airdrop 2,452,128 zkSync (ZK) tokens to its community in appreciation of their continuing and sustained support for the zkSync PancakeSwap implementation since July 2023.
️SunCrypto Views
The recent bearish trend in the cryptocurrency market demonstrates its dynamic evolution, which has included substantial losses and decreased investor confidence. This development reflects optimistic institutional interest and technological advancements.
Despite these growing developments, the market’s intrinsic volatility persists. To navigate potential risks, investors should exercise caution, perform extensive research, and apply a variety of tactics. While the recent bearish trend is suspicious, it’s critical to approach the cryptocurrency market with care and a long-term mindset.
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