Bitcoin Surges Amid EU MiCA Rollout; Altcoins Also Book Profits on Market Optimism

On Monday, July 1, Bitcoin showed price increases on foreign and local exchanges. According to CoinMarketCap, the most expensive crypto asset rose 4.26% over the last day to trade at a price of $63,373 (approximately Rs. 52.8 lakh) on international exchanges. Internationally, BTC was trading at $61,637 (around Rs. 51.4 lakh) on global exchanges last week. This is the first time in over a month that BTC has crossed the $63,000 mark (around Rs. 52.5 lakh). Meanwhile, on Indian exchanges like WazirX and CoinSwitch, the current value of BTC stands at $68,110 (approximately Rs. 56.8 lakh).

Ether entered July at $3,491 (roughly Rs. 2.91 lakh) on foreign exchanges. Over the past week, ETH has managed to increase its price by $43 (roughly Rs. 3,587). The value of ETH in India, on the other hand, stands at $3,236 (roughly Rs. 2.70 lakh), as reported on the cryptocurrency price chart by Gadgets360.

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

The majority of cryptocurrencies recorded gains on July 1, as shown by Gadgets360’s crypto tracker. These cryptocurrencies include Solana, Ripple, Cardano, avalanche, TronAnd Shiba Inu.

Profits were also hit Peas, Close protocol, Polygon, Stellar, Cosmos, ChronosAnd BitcoinSV.

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

“As the US presidential debate shows pro-crypto Trump has a better chance of winning the upcoming election, investors are optimistic about the future of the world’s largest digital asset. The crypto market will maintain this momentum this week if macroeconomic factors remain favorable,” BuyUcoin CEO Shivam Thakral told Gadgets360.

Among the loss-making cryptocurrencies, Binance Coin, LeoAnd Brain confidence 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 United States such as job postings and unemployment rate announcements,” CoinDCX told Gadgets360.

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