Bitcoin traded near $62,700 (roughly Rs. 59.27 lakh) on Friday, as the cryptocurrency market remained under pressure amid uncertainty surrounding the US-Iran peace process and the US Federal Reserve’s hawkish policy outlook. The world’s largest cryptocurrency saw a decline of 2.21 percent in the last 24 hours, based on today’s CoinMarketCap data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.60 lakh), reflecting weakness across the broader crypto market. Bitcoin is currently priced around Rs. 59.27 lakh in India, while Ethereum trades near Rs. 1.60 lakh, as per today’s Gadgets 360 price tracker.
Analysts noted that delays in finalising the US-Iran peace agreement, concerns over potential regional escalations, and the Federal Reserve’s hawkish stance have weakened risk appetite.
Various altcoins also traded lower on Friday, largely mirroring Bitcoin’s decline, as traders remained cautious. Binance Coin (BNB) was priced around $575.31 (roughly Rs. 54,360), while Solana (SOL) traded near $68.64 (roughly Rs. 6,485). XRP hovered around $1.13 (roughly Rs. 107), and Dogecoin (DOGE) traded at $0.083 (roughly Rs. 7.8), indicating continued weakness across large-cap digital assets.
Peace Deal Delays and Fed Signals Weigh on Crypto Markets
Explaining the latest market setup, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “While the initial memorandum between the two countries improved sentiment, delays in finalising the peace deal and concerns over potential escalations from Israel have weakened risk appetite. The move led to nearly $330 million (roughly Rs. 3,118 crore) in long-position liquidations, adding to the pullback.”
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The market remains heavily influenced by macroeconomic developments and ETF flows. Investors should remain cautious in the current environment. Avoid taking overleveraged positions. Maintaining disciplined risk management is essential. A staggered investment approach may also be prudent until institutional demand shows clearer signs of recovery.”
Commenting on current market sentiment, the CoinSwitch Markets Desk said, “The Fed held rates steady, but its updated projections pointed to fewer rate cuts ahead, a more cautious stance than investors had expected. Meanwhile, a series of major upcoming listings like Anthropic and OpenAI could pull a portion of investor liquidity away from crypto.”
Overall, Bitcoin’s ability to defend the $62,200-$62,800 (roughly Rs. 58.77 lakh-Rs. 59.34 lakh) support zone and reclaim the $64,700-$66,000 (roughly Rs. 61.13 lakh-Rs. 62.36 lakh) resistance range 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.
