Crypto
Cryptocurrency Price Today: Bitcoin Stable At $30,000, Stellar Becomes Top Gainer
Bitcoin (BTC), the oldest and most valued cryptocurrency, managed to remain stable within the $30,000 mark early Wednesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw a mix of minor gains and dips across the board. The Stellar (XLM) token became the top gainer, with a 24-hour jump of nearly 10 percent. 1INCH, on the other hand, emerged to be the biggest loser, with a 24-hour loss of nearly 8 percent.
The global crypto market cap stood at $1.21 trillion at the time of writing, registering a 24-hour gain of 0.209 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $30,085.69, registering a 24-hour jump of 0.13 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 25.66 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,914.22 marking a 24-hour gain of 0.51 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.62 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 0.10 percent, as per CoinMarketCap data, currently priced at $0.06957. As per WazirX, Dogecoin price in India stood at Rs 5.85.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 1.63 percent. At the time of writing, it was trading at $93.63. LTC price in India stood at Rs 8,013.05.
Ripple (XRP) Price Today
XRP price stood at $0.7932, seeing a 24-hour gain of 7.36 percent. As per WazirX, Ripple price stood at Rs 67.71.
Solana (SOL) Price Today
Solana price stood at $26.42, marking a 24-hour loss of 0.37 percent. As per WazirX, SOL price in India stood at Rs 2,286.99.
Top Crypto Gainers Today (July 19)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Stellar (XLM)
Price: $0.1407
24-hour gain: 9.44 percent
Ripple (XRP)
Price: $0.80
24-hour gain: 8.26 percent
BitDAO (BIT)
Price: $0.5407
24-hour gain: 5.62 percent
XDC Network (XDC)
Price: $0.03522
24-hour gain: 3.91 percent
Hedera (HBAR)
Price: $0.05363
24-hour gain: 3.83 percent
Top Crypto Losers Today (July 19)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
1inch Network (1INCH)
Price: $0.361
24-hour loss: 7.81 percent
Ziliqa (ZIL)
Price: $0.02191
24-hour loss: 4.74 percent
Compound (COMP)
Price: $71.34
24-hour loss: 4.64 percent
Render Token (RNDR)
Price: $1.91
24-hour loss: 4.04 percent
Mina (MINA)
Price: $0.4608
24-hour loss: 3.65 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin experienced a brief decline to the $29,800 level before quickly rebounding above $30,000 within the last 24 hours. Although BTC has faced a three-day downward trend, it has achieved a remarkable 84 percent year-to-date gain. Despite efforts from bears to pull BTC down, bullish forces persistently work to keep it above the crucial $30,000 threshold. In contrast, XRP has outperformed BTC by maintaining a three-day winning streak, recording a gain of over 9 percent in the past 24 hours and an impressive 70 percent increase in the past week. Additionally, Ethereum has successfully maintained its position above the $1,900 level.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “BTC had its fifth consecutive red day as the price traded below $30,000 for most of the last 24-hour period. Popular altcoins like XRP (+8.3 percent), XLM (+5.68 percent), and SNX (+4.58 percent) have shown some strength at the back of their recent developments. XRP pump can be attributed to the recent SEC lawsuit verdict while XLM, being a fork of XRP, is also gaining investor attraction. SNX however seems to gain from the recent from the recent CCIP integration on LINK (-2.28 percent). In other news, Binance has integrated Lighting Network on Bitcoin withdrawals which have reduced the BTC withdrawal fees by more than 90 percent; from close to a few dollars to a few cents. This may further BTC’s adoption as transferring BTC will become cheaper.”
Rajagopal Menon, Vice President, WazirX, offered his take, “The market sentiment around Ethereum remains positive, driven by growing enthusiasm for Ethereum 2.0 and the ability to stake large volumes of the cryptocurrency. The prices of ETH have been up in the last 24 hours. The last four weeks have witnessed significant inflows into digital assets, amounting to a staggering $742 million. This surge in inflows can be attributed to various factors, including the recent Ripple verdict. The clarity provided by the legal outcome has restored confidence among investors, attracting more capital into the digital asset space.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin market presents a mixed outlook. The cryptocurrency is finding support near $29,750, indicating a potential bullish recovery thanks to a triple bottom pattern on the four-hour time frame. However, the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD) and 50-day Exponential Moving Average indicate bearish sentiment, indicating a higher chance of a downtrend. A break below $29,750 could intensify selling pressure and possibly push the price towards $29,300 or even $28,750. Conversely, a bullish breakout above $30,400 could lead to higher price levels at $30,900 or $31,750. Bitcoin is not expected to fall below $20,000 unless there is a significant selloff, which requires close monitoring by traders and enthusiasts.”
Shivam Thakral, the CEO of BuyUCoin, said, “In the previous 24 hours, the overall market volume for the cryptocurrency sector has decreased by 7.64 percent due to market swings. Bitcoin is down 1 percent to $29,856 and ether is also down 1 percent to $1,896. While much of the alternative currency market is starting the day as a sea of red, XRP is maintaining its upward trend, climbing 5 percent to $0.77. The market is range-bound and stagnant, as seen by the current Bitcoin moves, while maintaining a $30,034.92 market price.”
CoinDCX Research Team told ABP Live, “Crypto markets saw a slight dip of 0.3 percent with Bitcoin and Ethereum hovering just below $30,000 and $1,900 levels, respectively. Though investors remained optimistic about the prospects of Bitcoin exchange-traded funds (ETFs), the SEC recently approved a second spot Bitcoin ETF application for review from asset manager Valkyrie, following the approval of a similar application from BlackRock the previous week. This signals that the SEC is open to the idea of spot Bitcoin ETFs, which could provide a major boost to the crypto market.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
Crypto
What Is Celestia (TIA) Cryptocurrency?
The native token of the Celestia blockchain, TIA has a market capitalisation of over $US1.3 billion. That places it in the top 100 coins globally, but the token’s value seems to be trending downwards.
TIA started the year at around $US12, reached an all-time high of over $US20 in February, and at the time of writing was worth $US6.90. Of course that’s still up over 200% on its initial listing price of $US2.08 around 240 days prior.
Celestia is a Layer 1 blockchain, designed to be ‘modular’ in nature with the goal of making it easy for developers to launch their own blockchain. Development time is primarily reduced by enabling developers to combine existing rollup (aka Layer 2 scaling solution) technology options to create their own customised stack. Celestia lets you can build an independent blockchain where:
- The ‘execution’ layer of the blockchain—where smart contracts and transactions happen—can be separate from the consensus mechanism.
- The blockchain’s consensus mechanisms and data availability functions leverage Celestia infrastructure, including its network validators.
The Celestia project was initiated in 2019 by co-founders Mustafa Al-Bassam and Ismail Khoffi and attracted considerable venture capital investment including a $US1.5 million seed round in 2021 and $US55 million raised in 2022. Celestia is built on the Cosmos SDK framework.
What Is the TIA Token?
One billion TIA tokens were created, with 20% for public allocation. Its current circulating supply is around 193 million. More tokens owed to initial investors will be gradually unlocked over coming years—which can be freely traded—with the first unlock event in October this year.
The TIA token’s role in the Celestia blockchain is three-fold:
- Developers use TIA to pay gas fees on transactions and to publish data to what’s known as a ‘blobspace’ on the network’s data availability layer.
- Network validators and delegators stake TIA to support network consensus activities—verifying and securing transactions across a decentralised network of computers—as Celestia is a proof-of-stake blockchain. Validators and delegators also earn staking rewards in the form of TIA.
- TIA holders get some governance powers, being able to propose and vote on proposals to change a subset of network parameters.
Celestia’s TIA token is not to be confused with the token of the Tiamonds project, which also trades under the TIA symbol. The alternate TIA is a token distributed to owners of tokenised diamonds sold via the Tiamonds platform—which touts itself as the world’s largest tokenised diamond marketplace.
Crypto
Usiacurí Pioneers Cryptocurrency Integration in Colombia with the Crypto District Initiative
- Usiacurí becomes Colombia’s first municipality to integrate cryptocurrencies like Bitcoin, Tether, and Tron into its economy.
- The “Crypto District” initiative is a partnership between Usiacurí’s municipality, Certika, Universidad de la Costa, and Corporación CienTech.
Usiacurí, a quaint coastal town in Colombia, has taken a pioneering step by becoming the country’s first municipality to legally incorporate cryptocurrencies into its local economy. Launched on June 21, this innovative move is part of the “Crypto District” project, a collaborative effort between the Usiacurí municipality, Certika, Universidad de la Costa, and Corporación CienTech.
This initiative allows the use of cryptocurrencies such as Bitcoin, Tether, and Tron for both tourists and local residents to conduct transactions. The integration of digital currencies into Usiacurí’s economy is aimed at addressing the needs of foreign tourists and adapting to the demands of an increasingly globalized and digital world.
As we have written in Crypto News Flash, it positions Usiacurí at the forefront of financial technology by enabling artisans and local businesses to transact using blockchain technology, thus providing a fast and secure payment method.
Beyond facilitating e-commerce, the project is designed to boost the local economy by enabling artisans and small businesses to seamlessly sell their goods and services using blockchain technology. This move is expected to transform how commercial transactions are conducted in Usiacurí, enhancing efficiency and security for both buyers and sellers.
The inspiration for the “Crypto District” came from Bitcoin’s adoption in El Salvador, which you can read more about in our coverage in Crypto News Flash, which was closely studied by Tito Crissien, the executive director of CienTech and an advisor at Universidad de la Costa. The university has been instrumental in the project, providing research and academic support through its studies on blockchain and its applications.
Crissien commented:
“The participation of the Universidad de la Costa was fundamental throughout the entire process, since through its teachers and researchers they have been strengthening the line of research into blockchain and its applications, such as this tool that “It allowed us to turn Usiacurí into the first municipality with a cryptocurrency district, generating more sales in its tourism and hotel sector.”
Usiacurí’s mayor, Julio Mario Calderón, expressed his enthusiasm about the initiative, highlighting its potential to attract visitors and establish the municipality as a key destination for cryptocurrency enthusiasts. According to reports, over 60 local artisans, three hotels, two tourist guide agencies, and seven restaurants are already participating in the project.
At the project’s launch, local artisans were equipped with cryptocurrency wallets and trained to conduct their first transactions. This initiative not only enhances Usiacurí’s tourism and hospitality sectors but also positions it as an innovative model for integrating crypto technology into municipal management and local commerce.
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Crypto
COVID-induced social isolation drove cryptocurrency investment up 75%
Lockdowns during the COVID-19 pandemic saw an exponential rise in cryptocurrency investments which was partially driven by the stress of social isolation, QUT researchers have found.
The study’s results have major implications for financial advisors, marketers and policymakers on how to curb excessive risk-taking among isolated individuals.
The article, “Social isolation and risk-taking behavior: The case of COVID-19 and cryptocurrency,” was published in the Journal of Retailing and Consumer Services.
Dr. Thusyanthy Lavan and Professor Brett Martin, from the QUT School of Advertising, Marketing and Public Relations, with overseas colleagues, studied the consumer interest in cryptocurrency during the pandemic.
Dr. Lavan said the team looked at the impact of the pandemic’s prolonged enforced social isolation coupled with economic instability that drove risk-taking behavior, particularly in cryptocurrency investment.
“At the beginning of the pandemic, in January 2020, market capitalization of these online currencies was about $191 billion but had surged to $769 billion by December 2020,” Dr. Lavan said.
“This shift is underscored by the significant increase in the Bitcoin price, up 700% from March 2020 to March 2021.
“The attraction of these high-risk investments could be linked to their perceived potential for high returns during times of economic instability and market volatility.
“A further factor might be people’s tendency to try to reinstate some control in their lives and gravitate toward more autonomous and seemingly empowering activities, such as trading in cryptocurrencies.
“With this in mind, our aim was to look for the broader psychological responses to social isolation that catalyzed these changes in consumer decision-making, particularly in adopting new, and potentially riskier behaviors.
“Previous research has established the direct effects of social isolation on risk-taking behavior in non-purchase situations such as sharing of personal information on social media, but this is one of the first studies to examine risky purchase behavior.”
Professor Martin said they conducted a survey in December 2022 during a lockdown period in Australia of 216 participants screened for awareness of and familiarity with cryptocurrency but who were not current investors.
“By focusing on potential future investors, we aimed to capture unbiased perceptions and insights into cryptocurrency investment decisions,” Professor Martin said.
“Our survey sought to identify how three psychological constructs—perceived stress, sense of control and neuroticism—might underlie the relationship between social isolation and risk-taking behavior.
“Perceived stress is a personal interpretation of stress regarding a situation in a person’s life they consider to be beyond their adaptive capacities, while sense of control reflects a person’s belief in their ability to influence events and outcomes in their life.
“Neuroticism is a tendency to experience negative emotional states such as anxiety and impulsiveness.
“Our analysis of the results showed that perceived stress, rather than a sense of control or neuroticism, plays a key role in driving risk-taking behaviors during periods of social isolation.
Professor Martin said the researchers were not criticizing cryptocurrency.
“To be clear, my recently published research has shown how the process of cryptocurrency investing can have a positive effect on peoples’ lives.
“In this project, we looked at the effect of lockdowns and isolation-induced risk-taking. This research can provide insights on developing better support strategies for vulnerable populations.”
The research team comprised Dr. Lavan, Professor Martin, and Professor Weng Marc Lim and Professor Linda Hollebeek from Sunway University, Malayasia.
More information:
Thusyanthy Lavan et al, Social isolation and risk-taking behavior: The case of COVID-19 and cryptocurrency, Journal of Retailing and Consumer Services (2024). DOI: 10.1016/j.jretconser.2024.103951
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Queensland University of Technology
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COVID-induced social isolation drove cryptocurrency investment up 75% (2024, June 25)
retrieved 25 June 2024
from https://phys.org/news/2024-06-covid-social-isolation-drove-cryptocurrency.html
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