Bitcoin traded near $61,600 (roughly Rs. 58.28 lakh) on Thursday, as the cryptocurrency market remained cautious ahead of the release of the US Core PCE inflation data later in the day. The world’s largest cryptocurrency saw a decline of 1.31 percent in the last 24 hours, based on today’s market data. Ethereum (ETH) was trading near $1,600 (roughly Rs. 1.56 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 58.28 lakh in India, while Ethereum trades near Rs. 1.56 lakh, as per today’s Gadgets 360 price tracker.
Market analysts observed that weak risk appetite in the crypto space had remained a consequence of weak institutional participation, ongoing outflows from the ETF, and the anticipation of the Fed’s preferred inflation indicator.
Broadly tracking Bitcoin’s movement, several altcoins also traded lower on Thursday, as investors avoided aggressive positioning before the inflation report. Binance Coin (BNB) was priced around $570.46 (roughly Rs. 53,900), while Solana (SOL) traded near $69.35 (roughly Rs. 6,552). XRP hovered around $1.08 (roughly Rs. 102), and Dogecoin (DOGE) was trading close to $0.077 (roughly Rs. 7.3), reflecting broad-based weakness across large-cap cryptocurrencies.
Anticipated US Inflation Data Keeps Crypto Investors on Edge
Providing a broader view of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The inflation reading is expected at 3.4 percent year-on-year, up slightly from 3.3 percent, making it an important indicator for expectations around future US interest rates […] Investors should avoid reacting to short-term volatility around macroeconomic events. Instead of chasing sharp intraday moves, it is prudent to focus on disciplined allocation, staggered investments, and assets with strong liquidity and long-term fundamentals until market direction becomes clearer.”
Sharing its perspective on the latest market trends, the WazirX Markets Desk said, “Despite the consolidation, institutional participation, ETF interest, and long-term adoption continue to provide support for the crypto market […] Meanwhile, the Ethereum Foundation’s restructuring has received backing from several leading industry figures, who believe the changes will strengthen Ethereum’s governance, development roadmap, and long-term ecosystem growth, keeping attention on the network’s future as development efforts continue.”
Overall, analysts said the crypto market is likely to remain sensitive until the release of the US Core PCE inflation data, with institutional demand still subdued despite supportive long-term on-chain indicators. Bitcoin’s ability to defend the $60,000-$61,000 (roughly Rs. 56.69 lakh-Rs. 57.63 lakh) support zone and regain higher levels will remain key to determining the market’s near-term direction.
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