Crypto investors brace for US jobless data after a volatile week that saw heavy selling and ETF outflows.
Crypto market stays subdued after Bitcoin rebounds slightly from the week’s lows
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Bitcoin’s price hovered near the $103,400 (roughly Rs. 91.6 lakh) mark on Thursday as the crypto market attempted to stabilise following a sharp sell-off earlier in the week that saw its price fall under the $100,000 (roughly Rs. 88.6 lakh) mark for the first time since June. Ethereum (ETH) recovered slightly by 2.26 percent, trading at $3,400 (roughly Rs. 3 lakh), while Bitcoin gained 1.2 percent over the last 24 hours. According to the Gadgets 360 price tracker, Bitcoin trades at around Rs. 91.6 lakh , while Ethereum is priced near Rs. 3.03 lakh.
Altcoin Prices Continue to Fall as Traders Stay Cautious
Most major altcoins extended losses alongside Bitcoin, as the leading cryptocurrency briefly fell below the $100,000 (roughly Rs. 88.6 lakh) mark on November 5 for the first time since June, hitting its lowest level this week amidst growing risk aversion across global markets. Binance Coin (BNB) fell 8.5 percent to $942 (roughly Rs. 83,500), while Solana (SOL) slid 11.3 percent to $156 (roughly Rs. 13,820). Dogecoin (DOGE) was down 7 percent at $0.16 (roughly Rs. 14.25), and XRP fell 7.2 percent to $2.23 (roughly Rs. 197).
According to the CoinSwitch Markets Desk, traders are treating the current price action as part of a corrective phase. “The pullback stemmed from a trio of pressures: rising US Treasury yields, squeezing liquidity, massive long-position liquidations, and macro warnings from major banks raising fears about a broader risk-asset sell-off.”
Mudrex CEO Edul Patel said the crypto market’s short-term outlook remains dependent on key macro catalysts. “Bitcoin, along with the broader crypto market, is extending its recovery, with BTC up over 4 percent from yesterday’s lows and major altcoins like Ethereum and Solana gaining up to 6 percent […] Currently trading around $103,300 (roughly Rs. 91.5 lakh), BTC’s immediate resistance stands at $105,700 (roughly Rs. 93.7 lakh), with a strong base forming at the $100,000 (roughly Rs. 88.6 lakh) zone.”
Highlighting that markets are still in a stress phase but not yet in full panic, Vikram Subburaj, CEO of Giottus said, “Bitcoin continues to face pressure around the $100,000 (roughly Rs. 88.6 lakh) level, with short-term holder losses mounting as selling from legacy wallets coincides with ongoing ETF outflows […] Overall, the market appears to be transitioning from liquidation to recalibration.”
The broader sentiment remains cautious, but appears to be improving, as investors monitor US regulatory discussions and macroeconomic data. Analysts suggest that any positive cues from the upcoming jobless claims report or developments on the crypto bill could help sustain Bitcoin’s recovery into the weekend.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Cryptocurrency Prices across Indian exchanges
