Crypto markets news: Bitcoin price above $1,07,000 levels today, experts eye long-term growth
Crypto markets news: The world's biggest cryptocurrency reached a high of $107,995 on May 21, but remained between the $106-107k levels during the day, according to data on CoinMarketCap.
At time of writing, Bitcoin was at $106,706.27 up 1.50 per cent from the previous day, with market capitalisation of $2.12 trillion, up 1.50 per cent day-on-day, and trading volumes down 2.04 per cent to $53.65 billion.
According to the CoinSwitch Markets Desk, this is the first time since January that Bitcoin has surged past the $107k level and is 2 per cent away from its all-time high, as bullish momentum intensified.
'Bitcoin futures open interest rose by 10.65 per cent from last week to $74.35 billion, led by Binance with $12.28B, signaling growing leverage in the market. Institutional demand also played a role, with US spot BTC ETFs recording net inflows of $41.7 million yesterday, marking their fifth consecutive day of inflows,' they said.
Himanshu Maradiya, Founder and Chairman, CIFDAQ noted that the cryptocurrency market 'remains in a consolidation phase'.
According to Alankar Saxena, Co-founder and CTO of Mudrex, Bitcoin continues to build momentum, briefly testing the $107,000 level as bulls maintain control.
'Net volume delta on major exchanges has turned positive, reflecting growing spot demand. Historically, an increase in spot demand often led to key market tops, driven by rapid sentiment shifts. Notably, Bitcoin supply on exchanges has dropped to 7.1 per cent, the lowest since November 2018, indicating rising investor confidence and a shift toward long-term holding.'
He expects that this reduction in sell-side pressure indicates further upside. 'Currently trading near $106,800, BTC faces resistance at $108,000, with support at $105,000, setting the stage for its next potential breakout,' Saxena noted.
According to Alex Kuptsikevich, market analyst at FxPro, Bitcoin is being driven upwards by a crowd of retail investors, who are also driving the US stock market. 'Small players don't care that the US economy is slowing down, and the Fed is not going to cut rates. Traders are buying the S&P 500 and digital assets simply because they are rising…Traders are not particularly concerned about the fact that as Bitcoin grows, the number of fraudulent transactions increases,' he pointed out.
CoinDCX research team thinks so. 'After the bulls managed to revamp a strong rise before the day's close. Despite a small drop in the volume, the markets have surged, which indicates a drop in the bearish interference,' it noted.
Riya Sehgal, Research Analyst at Delta Exchange concurs, she feels that rebounding from $103k levels to $106k levels shows 'solid buyer interest at lower levels', and that the focus will now be at potentially moving toward $110,000 and new all-time highs. 'However, until that level is convincingly breached, the market may continue ranging, allowing for healthy accumulation,' Sehgal added.
While he did not talk about all-time highs, Kuptsikevich also feels that 'if the resistance at 107K is broken, there are more chances to restore the uptrend'.
Meanwhile, the second largest token Ethereum rose 0.35 per cent over the past 24 hours to $2,529.76, at time of writing, with market cap of $305.41 billion and trading volume of $22.59 billion, according to CoinMarketCap data.
CoinSwitch Markets Desk noted that the token is holding near the $2,500 level and trading above both its 50- and 100-day moving averages. In fact, according to Sehgal, it has been showing stronger relative strength, gaining nearly 60 per cent over the last month and outperforming Bitcoin.
'Ethereum is trading around the $2,500 mark, a key psychological resistance. While structural indicators like the Golden Cross and ascending trendlines suggest a bullish setup, on-chain data points to short-term overheating. Elevated trading volumes and profit-taking around $2,500 could trigger a minor pullback or consolidation. In the near term, we expect volatility to remain elevated, with ETH needing to hold above $2,200 and BTC above $105,000 to sustain bullish momentum. Broader market sentiment remains cautiously optimistic as we await further confirmation of trend continuation,' she said.
Harish Vatnani, Head of Trade at ZebPay, Ethereum has seen swings, moving from recent lows of $1,385 to $2,738 in a 97 per cent prices surge, 'The asset currently faces strong resistance at $2,850. If it breaks and closes above this level with good volumes, we can expect prices to rally further to $3,000 and $3,350,' he noted.
On other altcoins, CoinDCX noted that Litecoin, Cardano, and Solana, are yet to reach their respective resistance, while the top gainers include Pi, OFFICIAL TRUMP, and Fartcoin, with 10 per cent to 13 per cent gains. Meanwhile, Pyth Network leads the losers with over a 7 per cent drop, followed by Story and Litecoin with 4 per cent each.
CoinSwitch also noted that in DeFi, 'Aave has solidified its dominance by surpassing $24 billion in total value locked (TVL), now accounting for 20 per cent of the entire DeFi's TVL'. According to Investopedia, TVL is a metric used in the cryptocurrency sector to determine the total US dollar value of digital assets locked, or staked, on a particular blockchain.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
US remittance tax to revive hawala, hand cartels a financial lifeline
Hidden on page 1,054 of President Donald Trump's 'big, beautiful bill' is a threat to impose a 3.5 per cent tax on all remittance transfers made by non-citizens to accounts outside the country. This is a dangerous, backward-looking provision, and will make Americans less safe without raising much revenue. It is easy to understand why a measure like this would appeal to the current administration. It makes migrants' lives harder, and that's enough for it to be worth passing into law. And it certainly will create difficulties for millions of legal and illegal immigrants in the US, as well as for their families outside. Mexico's president, Claudia Sheinbaum, has been a vocal opponent, saying — correctly — that this is unjustifiable double taxation. Her country, the largest destination for such transfers, has a lot to lose. But other countries are also worried. India is the third-largest destination for remittances from the US, receiving about $18 billion in 2024; the Philippines and China aren't far behind, at $14 billion each. According to Capital Economics, US-based remittances support 3 per cent of the Philippines' GDP. The impact on migration-dependent areas of the world will be severe. For some countries in Central America, national income might fall by almost 1 per cent if this proposal is implemented. Meanwhile, some estimates suggest that even a higher 5 per cent rate would only increase the US' takings by 0.1 per cent. For the remittance tax's backers, that's beside the point. Vice President JD Vance, when he was still a senator, introduced a similar bill. At that time, he said that 'this legislation is a common-sense solution to disincentivise illegal immigration and reduce the cartels' financial power.' That argument is exactly backward. What common sense actually tells you is that if less money is available in some of the poorest parts of Central America, it increases the incentives for people there to try and move to the US to join their family members already there. As for the impact on criminal networks — well, history suggests that they'll welcome this. The world has spent decades trying to make legal transfers cheap and efficient. An additional levy might increase the cost of transferring even small sums four fold. This would reverse all our efforts to force this trade above ground. If legal transfers are made too expensive, illegal and informal networks take their place. Some people have happily assumed that Bitcoin will fill the gap. But, more likely, there will be a renaissance in simpler, older mechanisms for international transfers. In South and West Asia, we call these methods 'hawala.' But other parts of the world derived equivalents independently. In China, for example, such mechanisms are called 'fei-ch'ien.' From a customer's point of view, they're simple to use. All you need to do is find a well-networked trader and give them the cash to be transferred. That person then calls somebody in their clan or village back home, who gives the same amount of cash to the chosen recipient. The two members of the hawala network settle accounts between each other once or twice a year, through smuggling or perhaps through false invoices and shell companies. Naturally, such informal mechanisms to transfer value can be used not just to evade the remittance excise, but taxes in general. Worse, they are frequently used as conduits for terrorism and drug financing — which is why governments have spent decades trying to stamp them out. This was hard because, if enough people use these systems, they can be more efficient and cheaper than formal finance. The exchange rates that hawala traders offer are often more attractive, and their fees take less of a bite out of small transactions than many banks do. In spite of the best efforts of regulators and cops, hawala networks only really shrank when other routes became more competitive. Informal currency traders need a large volume of transactions to be efficient and offer the best rates to their customers, so when their custom shrank, they became less attractive. It's this self-reinforcing loop that the remittance tax threatens to break. Suddenly, hawala networks — and their equivalents in South and Central America — will become appealing again. And when this method returns to its former prominence, it will become easier to pay those who smuggle opiates or people. And, of course, criminal syndicates of various types will once again step in to run these systems, and profit accordingly. The vice president is, not for the first time, wrong: His administration's remittance tax doesn't attack the cartels, it empowers them.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
Maruti Suzuki May sales up 3% at 180,077 units; dip in mini car segment
Maruti Suzuki India on Monday reported 3 per cent year-on-year increase in total sales at 1,80,077 units in May. The country's largest carmaker sold a total of 1,74,551 units in May 2024. Total domestic passenger vehicle dispatches to dealers stood at 1,35,962 units last month as compared with 1,44,002 units in the year-ago period, a dip of 6 per cent, Maruti Suzuki India (MSI) said in a statement. Sales of mini segment cars Alto and S-Presso declined to 6,776 units as against 9,902 units in the same month last year. Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, and WagonR, also fell to 61,502 units as compared to 68,206 units in May 2024. Utility vehicles Grand Vitara, Brezza, Ertiga, XL6, Jimny clocked sales of 54,899 units last month as compared with 54,204 units earlier. Sales of Eeco van were at 12,327 units as against 10,960 units. Light commercial vehicle Super Carry sales stood at 2,728 units as against 2,692 units earlier. MSI said its exports last month stood at 31,219 units as compared with 17,367 units in May 2024.
Mint
an hour ago
- Mint
India's manufacturing PMI eased to three-month low in May
New Delhi: India's manufacturing sector activity dropped to a three-month low in May as growth in new orders and output softened, a private survey showed on Monday. The HSBC India Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 57.6 in May from 58.2 in April and 58.1 in March. India's manufacturing PMI was 56.3 in February and 57.7 in January. A reading above 50 indicates expansion. "Although rates of increase in new orders and output retreated to three-month lows, they remained well above their respective long-run averages," the survey said. "Panelists suggested that demand strength continued to support sales and production, though competition, inflation and the India-Pakistan conflict had reportedly weighed on growth," it added. In May, India and Pakistan were locked in a sharp four-day border conflict, marked by heavy shelling and multiple casualties, after tourists were killed in Kashmir in an attack allegedly carried out by Pakistan-backed terrorists. Though the fighting subsided tensions remain high, with diplomatic ties still strained and security on alert. Meanwhile, the survey showed that goods producers increased input purchases and hiring in May, with employment rising at a record pace. However, input cost inflation hit a six-month high, prompting one of the sharpest rises in selling prices in nearly 11-and-a-half years. "India's May manufacturing PMI signalled another month of robust growth in the sector, although the rate of expansion in output and new orders eased from the previous month," said Pranjul Bhandari, chief India economist at HSBC. "The acceleration in employment growth to a new peak is certainly a positive development. Input cost inflation is picking up, but manufacturers seem to be able to lessen the pressure on profit margins by raising output prices," she added. India's economic growth rebounded in the March quarter following a slowdown in September. Gross domestic product (GDP) for fiscal year 2025 grew by 6.5%, supported by a robust 7.4% expansion in the January-March quarter, show provisional data from the Ministry of Statistics and Programme Implementation. Both figures were lower than growth in the corresponding year-earlier periods—India's economy grew at 7.8% in the fourth quarter of FY24 while the full-year GDP growth was revised to 9.2%. Despite global uncertainties, growth was driven by strong output in agriculture, manufacturing, construction, mining, and services sectors in FY25 compared to FY24. India's economic outlook for FY26 is marked by cautious optimism, with GDP growth projected between 6.3% and 6.8%, according to the Ministry of Finance. Interestingly, manufacturing output grew at 4.5% to ₹ 29.54 trillion in FY25, although it comes on a higher base, with FY24 manufacturing output growing at 12.3%. Meanwhile, new export orders in May surged at their strongest pace in three years, driven by robust demand from Asia, Europe, West Asia, and the US, the survey said. This boost in sales prompted companies to increase input purchases and expand staffing, with job creation hitting a new record high. "Sustained job creation enabled manufacturers to stay on top of their workloads in May. Outstanding business volumes was unchanged, ending a six-month period of accumulation," the survey said. Companies in India's manufacturing sector faced a further monthly rise in purchasing prices, driven mainly by higher costs for aluminium, cement, iron, leather, rubber, and sand, it added.
