Bitcoin traded near $79,800 (roughly Rs. 76.6 lakh) on Thursday, as the cryptocurrency market turned cautious following stronger-than-expected US inflation data and renewed pressure on risk assets. Based on today’s CoinMarketCap data, the world’s largest cryptocurrency fell by 1.64 percent in the last 24 hours. Ethereum (ETH) was trading near $2,270 (roughly Rs. 2.18 lakh), reflecting weakness across the broader crypto market. As per today’s Gadgets 360 price tracker, Bitcoin is currently priced around Rs. 76.12 lakh in India, while Ethereum trades near Rs. 2.13 lakh.
Analysts say that macroeconomic pressure, uneven ETF flows, and resistance near key price zones are currently limiting upside momentum, even as institutional demand continues to provide some support.
Major altcoins also remained under pressure on Thursday, broadly tracking Bitcoin’s decline amidst cautious market sentiment. Binance Coin (BNB) was priced around $669.50 (roughly Rs. 64,240), while Solana (SOL) traded near $91.27 (roughly Rs. 8,760). XRP hovered around $1.43 (roughly Rs. 137), and Dogecoin (DOGE) was trading close to $0.11 (roughly Rs. 10.9), indicating reduced risk appetite across the market.
CLARITY Act Vote and Fed Outlook Keep Crypto Traders on Edge
Breaking down the latest market reaction, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin slipped toward the $79,000 (roughly Rs. 75.8 lakh) level […] Investors are also watching developments from the talks between President Trump and China’s President Xi Jinping, which could influence global market sentiment. Another key event is today’s Senate vote on the CLARITY Act, with markets currently pricing in a 65 percent chance of approval.”
Providing a broader assessment of current price action, Vikram Subburaj, CEO of Giottus.com, said, “The broader crypto market also eased to about $2.65 trillion (roughly Rs. 2,54,24,100 crore), while Bitcoin dominance stayed high at nearly 60 percent. This shows that investors are not yet rotating aggressively into altcoins. Investors should avoid chasing intraday moves. A fall below $78,700-$79,000 (roughly Rs. 75.5 lakh–Rs. 75.8 lakh) can deepen the correction. A sustained move above $82,000-$84,400 (roughly Rs. 78.7 lakh–Rs. 80.9 lakh) would indicate renewed strength.”
Commenting on the broader macro environment, the CoinSwitch Markets Desk said, “April’s producer inflation rose 6 percent year-over-year, its highest level since 2022, raising concerns that interest rates could stay elevated for longer than expected. This led traders to reduce short-term risk exposure across crypto markets.”
Overall, analysts said the crypto market has entered a cautious phase as investors assess inflation trends, ETF flows, and macroeconomic developments. Bitcoin’s ability to hold above the $78,500-$79,000 (roughly Rs. 75.3 lakh–Rs. 75.8 lakh) support range and reclaim the $82,000-$84,400 (roughly Rs. 78.7 lakh–Rs. 80.9 lakh) resistance zone will remain crucial for near-term direction.
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.
