Bitcoin traded near $62,700 (roughly Rs. 59.40 lakh) on Wednesday, as the cryptocurrency market remained under pressure amidst broader weakness across global risk assets. The world’s largest cryptocurrency was priced around $62,700 (roughly Rs. 59.40 lakh), based on today’s market data. Ethereum (ETH) was trading near $1,670 (roughly Rs. 1.58 lakh), reflecting weakness across the broader crypto market. As per today’s Gadgets 360 price tracker, Bitcoin is currently priced around Rs. 59.2 lakh in India, while Ethereum trades near Rs. 1.57 lakh.
Analysts noted that a sharp pullback in technology and AI-related stocks, expectations of further Federal Reserve tightening, and subdued institutional participation have weighed on sentiment across crypto markets.
Many altcoins also traded lower on Wednesday, largely mirroring Bitcoin’s decline, as caution persisted across digital asset markets. Binance Coin (BNB) was priced around $579.27 (roughly Rs. 54,850), while Solana (SOL) traded near $69.80 (roughly Rs. 6,610). XRP hovered around $1.10 (roughly Rs. 104), and Dogecoin (DOGE) was trading close to $0.079 (roughly Rs. 7.5), indicating continued weakness among large-cap cryptocurrencies.
Inflation Data and Risk-Off Sentiment Pressure Crypto Markets
Sharing his assessment of current price action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin came under renewed selling pressure as a broader pullback in technology stocks weighed on risk assets globally […] Expectations of potential Fed rate hikes, combined with weakness across Asian equity markets, further hurt market sentiment.”
Giving a wider perspective on the present scenario in the markets, Vikram Subburaj, CEO, Giottus.com, said, “Bitcoin has slipped towards the $62,500 (roughly Rs. 59.18 lakh) level as investors adopt a risk-off approach ahead of key US inflation data […] The market is increasingly behaving like a macro asset class, meaning inflation, interest rates, and broader equity market sentiment are influencing prices more than crypto-specific narratives.”
Overall, analysts said the crypto market remains under pressure as investors react to weakness in technology stocks, expectations of tighter monetary policy, and continued caution among institutional participants. Bitcoin’s ability to defend the $60,000-$62,000 (roughly Rs. 56.81 lakh-Rs. 58.71 lakh) support zone and avoid a deeper correction toward $56,000 (roughly Rs. 53.03 lakh) will remain crucial for determining near-term market 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.
