Bitcoin traded near $64,000 (roughly Rs. 60.37 lakh) on Thursday, as the cryptocurrency market came under pressure following a hawkish US Federal Reserve outlook and continued weakness in institutional demand. The world’s largest cryptocurrency witnessed a 1.64 percent decline in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.63 lakh), reflecting broad-based weakness across the crypto market. Bitcoin is currently priced around Rs. 60.37 lakh in India, while Ethereum trades near Rs. 1.63 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that Fed Chair Kevin Warsh’s hawkish commentary, higher inflation projections, and concerns around institutional demand have kept risk appetite subdued. Investors are also closely monitoring the $61,000-$63,500 (roughly Rs. 57.55 lakh-Rs. 59.96 lakh) support zone, as volatility continues to be driven by liquidations in leveraged positions.
Alongside Bitcoin, many altcoins were also down on Thursday, as traders adopted a cautious stance following the Fed’s latest policy signals. Binance Coin (BNB) was priced around $588.36 (roughly Rs. 55,510), while Solana (SOL) traded near $71.24 (roughly Rs. 6,720). XRP hovered around $1.16 (roughly Rs. 109), and Dogecoin (DOGE) was trading close to $0.084 (roughly Rs. 7.96), indicating that sentiment remained weak across large-cap digital assets.
Hawkish Fed Signals Keep Crypto Market Under Pressure
Explaining the latest market prices, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin is trading above $64,000 despite a challenging macro environment, with markets reacting to Fed Chair Kevin Warsh’s hawkish stance and expectations of interest rates staying higher for longer. The outlook has limited the recovery seen from early-June lows and kept risk appetite subdued. Concerns around potential Bitcoin sales by Strategy have also weighed on sentiment.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Policymakers raised their inflation forecasts and signalled that at least one additional rate hike could still be possible later this year. Higher-for-longer rate expectations have weighed on risk assets, including cryptocurrencies. ETF flows remain a key headwind […] Investors should avoid aggressive positioning until ETF flows improve […] Staggered allocations and disciplined risk management remain the preferred approach in the current macro-driven environment.”
Commenting on current market sentiment, the CoinSwitch Markets Desk said, “Broader markets traded lower after the Fed kept rates unchanged at 3.5 percent-3.75 percent but struck a hawkish tone. Updated projections showed higher inflation expectations and a slower pace of future rate cuts […] Gold and silver also saw price drops. The key takeaway is that the Fed appears focused on preventing inflation risks, signalling tighter financial conditions which will eventually reduce liquidity support for risk assets.”
Overall, Bitcoin’s ability to defend the $63,500-$64,000 (roughly Rs. 59.96 lakh-Rs. 60.37 lakh) support zone and eventually reclaim the $67,500-$68,000 (roughly Rs. 63.67 lakh-Rs. 64.15 lakh) range will remain crucial for improving near-term market sentiment.
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.
