Bitcoin’s price hovered near the $105,800 (roughly Rs. 93.8 lakh) mark on Tuesday, showing resilience after stabilising from last week’s sharp downswing that briefly pushed it below the $100,000 (roughly Rs. 88.7 lakh) level. Renewed institutional inflows, ease in macroeconomic pressures, and optimism around new US crypto regulations have helped improve market sentiment. Ethereum (ETH) traded slightly lower at $3,580 (roughly Rs. 3.1 lakh). According to the Gadgets 360 price tracker, Bitcoin is priced around Rs. 93.6 lakh in India, and Ethereum is priced around Rs. 3.1 lakh.
Altcoins Trade Mixed as Market Finds Its Footing
Altcoins displayed a mixed performance, with some tokens showing resilience while others continued to decline. XRP led the gainers, rising 2.1 percent to $2.51 (roughly Rs. 2.22 lakh), while Solana (SOL) gained 0.6 percent to $168 (roughly Rs. 14.9 lakh). Binance Coin (BNB) slipped 1.6 percent to $993 (roughly Rs. 88,000), and Dogecoin (DOGE) hovered near $0.18 (roughly Rs. 15.9).
Vikram Subburaj, CEO of Giottus.com, stated that the market is in a base-building phase as institutional accumulation increases and macroeconomic conditions become more supportive. “Exchange withdrawals have quadrupled since October, pointing to increased self-custody and structural accumulation. While older whales continue to distribute, new capital, most likely institutional and fund-driven, has stepped in at current levels. This marks a healthy rotation rather than a reversal of trend […] The Fear & Greed is at 31, and exchange withdrawals are rising. So, prefer spot/TWAP adds over leverage and anchor risk to the $105,000 (roughly Rs. 93.2 lakh) shelf.
Riya Sehgal, Research Analyst at Delta Exchange, said global risk appetite has improved as equities rebound and regulatory progress in the U.S. boosts optimism in crypto markets. “Regulatory developments are also fueling market momentum as the U.S. Senate reopened the government, the Agriculture Committee unveiled a bipartisan draft giving the CFTC clearer authority over digital commodities, and new IRS guidance allows crypto ETFs and trusts to earn staking rewards. These factors are boosting investor confidence.”
Edul Patel, CEO of Mudrex, said improving political stability and whale accumulation are supporting sentiment as investors anticipate a potential upside in the coming weeks. “These levels have formed an attractive accumulation zone, with whales purchasing over 108,000 BTC (roughly Rs. 9,57,000 crore) in the past week […] With improving political stability and expectations of softer CPI data under 3.1 percent, markets are preparing for an upward move in the coming weeks.”
Encouraged by institutional involvement and a reduction in macro challenges, the general sentiment is still cautiously optimistic. Improved liquidity, whale accumulation, and policy changes could keep Bitcoin’s price above $105,000 (roughly Rs. 93 lakh) until the middle of November, paving the way for a slow recovery before the year ends.
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.
