Crypto market recovered slightly on the first day of July as the flagship currency, Bitcoin was holding above $19,000. The mildly positive cues in Bitcoin’s value translated into better market prospects.
Bitcoin, the world's favourite cryptocurrency, was trading at $19,130, up nearly 0.43 percent, steering away from its past seven days routine. Ether, the second largest token, rose by 2.15 percent to 1,045, according to Coindesk data at 17:00 IST.
Other popular digital tokens, which tend to move in tandem with bitcoin, also rose slightly. Shiba Inu, the second-largest meme coin, gained almost 1.07 percent to $0.000010 and the most followed meme coin Dogecoin rose as much as 1.99 percent to $0.064636.
The global cryptocurrency market cap increased to 1.22 percent to $864.22 billion in the last 24 hours. However, the total cryptocurrency trading volume increased 13.77 percent to $73.75 billion. Out of a total market cap, bitcoin's dominance is 42.36 percent, an decrease of 0.30 percent over the day, as per CoinMarketCap data.
Meanwhile, Reserve Bank Governor Shaktikanta Das called cryptocurrencies “clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. However, the Indian government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions.