Loss-Ridden BTC, ETH Usher Altcoins Into Reds, Stablecoins See Gains

The crypto price charts had reflected recoveries in the start of this month, but majority cryptocurrencies failed to have held on to those profits. On Tuesday, July 12, Bitcoin dipped by 2.65 percent to trade at $20,934 (roughly Rs. 16 lakh) on Indian exchange CoinSwitch Kuber. The top most cryptocurrency met with similar losses on international exchanges as well. As per Binance and CoinMarketCap, BTC values were slashed by over 2.64 percent for the crypto to trade at $19,937 (roughly Rs. 15.8 lakh).

Ethereum recorded even higher losses than Bitcoin on the trade scale. As per Gadgets 360's crypto price tracker, Ether values hovered around $1,161 (roughly Rs. 92,400) after incurring losses of over 4.70 percent.

On Tuesday, while stablecoins such as Tether, USD Coin, and Binance USD saw minor profits, majority altcoins traded under a loss-streak.

Loss-making altcoins today included Ripple, Cardano, Solana, and Polkadot.

Dogecoin and Shiba Inu also remained low on the price charts.

Presently, the global crypto market cap stands at $888.72 billion (roughly Rs. 70,73,368 crore), after witnessing a 3.05 percent decrease over the last day, CoinMarketCap data showed.

Amid the ongoing market slowdown, Ethereum Name Service (ENS) domains have emerged as popular liquid assets trading on marketplaces for virtual assets like OpenSea. The slump in ETH and gas prices have attracted members of the crypto fraternity to buy and exchange ENS addresses.

A decentralised domain name protocol, an ENS, provides reasonable and easily readable crypto wallet addresses by replacing the traditional complex and long alpha-numeric ones.

The law enforcement organisations in the US have, meanwhile, began issuing warnings against ‘romance scams' spreading in the nation, duping people off their crypto assets.

These alerts came after a recent report by BanklessTimes said that Americans crypto investors lost $185 million (roughly Rs. 1,500 crore) between January 2021 and March 2022 to romance scams.

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