Bitcoin traded near $61,300 (roughly Rs. 58.4 lakh) on Wednesday, as the cryptocurrency market remained under pressure amidst geopolitical uncertainty, continued ETF outflows, and investor caution ahead of key US inflation data. The world’s largest cryptocurrency saw a decline of 0.59 percent in the last 24 hours, based on today’s market data. Ethereum (ETH) was trading near $1,600 (roughly Rs. 1.55 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 58.3 lakh in India, while Ethereum trades near Rs. 1.54 lakh, as per today’s Gadgets 360 price tracker.
According to analysts, subdued liquidity conditions, persistent ETF withdrawals, and uncertainty surrounding the US Consumer Price Index (CPI) report have continued to limit buying activity across risk assets.
Many altcoins were also down on Wednesday, broadly mirroring Bitcoin’s decline. Binance Coin (BNB) was priced around $585.40 (roughly Rs. 55,700), while Solana (SOL) traded near $64.10 (roughly Rs. 6,100). XRP hovered around $1.11 (roughly Rs. 106), and Dogecoin (DOGE) was trading close to $0.084 (roughly Rs. 8), indicating continued caution across large-cap digital assets.
US Inflation Report Expected to Shape Crypto Market Direction
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is hovering around the $61,000 (roughly Rs. 58 lakh) mark as investors remain cautious amid rising geopolitical tensions following fresh US strikes on Iran. The broader risk-off mood has affected multiple asset classes, with even gold failing to attract strong defensive flows […] The inflation report is likely to be the next major catalyst.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Weak institutional demand and uncertainty around US interest rates continue to pressure sentiment. US spot Bitcoin ETFs saw approximately $91 million (roughly Rs. 866 crore) in net outflows during the latest session. The continued withdrawals suggest that large investors remain cautious […] Investors should closely watch Bitcoin’s ability to hold above $60,000 (roughly Rs. 57.1 lakh), upcoming US inflation data, and Federal Reserve commentary.”
Overall, analysts said the crypto market remains cautious as investors balance institutional accumulation against persistent ETF outflows, geopolitical risks, and uncertainty around US inflation and interest rates. Bitcoin’s ability to defend the $60,000-$61,000 (roughly Rs. 57.1 lakh–Rs. 58 lakh) support zone and reclaim the $65,000 (roughly Rs. 61.8 lakh) level will remain crucial for improving near-term market sentiment.
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