Bitcoin traded near $60,400 (roughly Rs. 57.11 lakh) on Friday after a sharp selloff triggered by hotter-than-expected US inflation data pushed the cryptocurrency to an intraday low near $58,000 (roughly Rs. 54.7 lakh) before it recovered. The world’s largest cryptocurrency witnessed a decline of 2.42 percent in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,500 (roughly Rs. 1.49 lakh), reflecting broad-based weakness across the crypto market. Bitcoin is currently priced around Rs. 57.11 lakh in India, while Ethereum trades near Rs. 1.49 lakh, as per today’s Gadgets 360 price tracker.
Analysts also pointed to nearly $600 million (roughly Rs. 5,672 crore) in liquidations and the upcoming $10 billion (roughly Rs. 94,530 crore) options expiry as key drivers of short-term volatility, although the pace of spot Bitcoin ETF outflows has slowed considerably, suggesting selling pressure may gradually ease.
Like Bitcoin, Binance Coin (BNB) was also down to around $565.98 (roughly Rs. 53,500), while Solana (SOL) traded near $70.40 (roughly Rs. 6,655). XRP hovered around $1.04 (roughly Rs. 98), and Dogecoin (DOGE) was trading close to $0.075 (roughly Rs. 7.1), indicating that selling pressure remained broad across large-cap cryptocurrencies.
US Inflation Shock Triggers Fresh Volatility in Crypto Markets
Sharing his assessment of current price action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “Bitcoin fell to 21-month lows of $58,000 (roughly Rs. 54.7 lakh) as the US PCE inflation came in at three-year highs, triggering a fresh sell-off despite BTC’s recovery towards $61,000 (roughly Rs. 57.6 lakh). While spot Bitcoin ETFs continue to see outflows, the pace has slowed significantly from about 4,400 BTC per day to around 625 BTC, suggesting selling pressure may be easing.”
Providing a broader view of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Glassnode data shows Bitcoin is trading nearly 19 percent below its True Market Mean of about $77,000 (roughly Rs. 72.79 lakh), while the Short-Term Holder Cost Basis is around $71,400 (roughly Rs. 67.49 lakh), suggesting the market is nearing an important accumulation zone despite near-term weakness. Investors should avoid trying to catch the exact bottom.”
Commenting on near-term market trends, the CoinSwitch Markets Desk said, “Part of the pullback came from whales selling sizable holdings, putting more supply into a market that’s been slow to soak it up. Sentiment hasn’t done it any favors either. A lot of investor attention and new money has been flowing into AI plays lately, which leaves crypto fighting for a smaller slice of overall risk appetite.”
Overall, analysts said the crypto market remains under pressure after hotter-than-expected US inflation data, persistent institutional outflows, and broader macroeconomic uncertainty triggered a fresh wave of selling across digital assets. While the slowdown in ETF outflows suggests some easing in selling pressure.
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