Bitcoin’s price hovered near the $110,000 (roughly Rs. 97.4 lakh) mark on Thursday as traders digested the US Federal Reserve’s decision to cut interest rates by 25 basis points. The Fed’s announcement of Quantitative Easing beginning in December has increased optimism for better liquidity in the upcoming months, even though the rate cut was mostly expected. At the time of writing, Bitcoin (BTC) was trading at $110,100 (roughly Rs. 97.4 lakh), down 2.53 percent over the past 24 hours, while Ethereum (ETH) followed suit, dropping 3.01 percent to $3,900 (roughly Rs. 3.4 lakh), as per CoinMarketCap. On major Indian exchanges, Bitcoin is priced around Rs. 97.5 lakh and Ethereum at Rs. 3.4 lakh, according to the Gadgets 360 price tracker.
Altcoins Show Mixed Moves After US Fed Cuts Rates by 25bps
A few altcoins saw modest gains, while others extended losses. Dogecoin (DOGE) is at $0.19 (roughly Rs. 17), while Binance Coin (BNB) was priced at $1,110 (roughly Rs. 98,300), XRP traded at $2.56 (roughly Rs. 226), and Solana (SOL) hovered around $194 (roughly Rs. 17,115).
According to Edul Patel, CEO of Mudrex, the recent policy shift could create a bullish setup for crypto, “The crypto market remained sideways after the Fed cut interest rates by 25bps […] Historically, November has been one of Bitcoin’s strongest months, and with whale activity hitting a two-month-high, the setup looks bullish.”
The CoinSwitch Markets Desk highlighted that the market remains constrained amid ongoing volatility, “The tightening correlation between crypto and U.S. equities was also flagged by Citi as volatility returned. On the charts, Bitcoin remains in a tight range, reinforcing a consolidation theme.”
Adding to the outlook, Pi42 CEO Avinash Shekhar said the rate cut hasn’t sparked the rally many expected, “Risk assets such as Bitcoin and Ethereum immediately reversed course, with more than $700 million (roughly Rs. 6,200 crore) liquidated and over 151,000 traders wiped out in the past 24 hours. This reaction shows that the market had already priced in the rate cut, and crypto remains highly leveraged and vulnerable to macro shifts.”
There is still a mixture of caution and optimism in the general mood. Traders are watching closely to see how global liquidity conditions evolve, while institutional interest and the Fed’s easing stance could provide a soft cushion for risk assets like crypto heading into November.
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