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Economic Times
a day ago
- Business
- Economic Times
Bitcoin slips below $106k amid renewed geopolitical, economic uncertainty
Bitcoin fell below the $106,000 mark on Friday, trading at $105,857 as of 12:14 PM IST after hitting an intraday low of $104,684. The correction comes amid rising macroeconomic uncertainty and renewed global tensions, dragging the broader crypto market lower. The total market capitalization declined 2.12% to $3.34 trillion, according to CoinMarketCap. ADVERTISEMENT Ethereum also came under pressure, shedding 4% to trade at $2,616. Most major altcoins followed suit. Dogecoin dropped 7.5%, Shiba Inu fell 7.3%, Avalanche declined 8%, while Cardano, Solana, and XRP slipped between 4–5%. Chainlink and Sui also posted losses, while BNB saw a relatively milder decline of 2%. 'Bitcoin is consolidating near $106,000 amid geopolitical uncertainty, as stalled US–China trade talks have revived trade war concerns,' said Edul Patel, CEO of Mudrex. He noted that weaker US economic data, including a GDP contraction in Q1 and rising jobless claims, is further weighing on sentiment. 'BTC needs to reclaim the $108,000 level for sustained momentum. Without follow-through buying, it could test the $103,700 level.' Vikram Subburaj, CEO of Giottus, attributed the sharp drop below $105,000 to 'uncertainty regarding US tariffs,' adding that Bitcoin has recovered some ground but must consolidate at higher levels to avoid structural weakness. He pointed out that institutional demand remains strong, citing Coinbase's Premium Index staying positive for 20 straight days. Open interest in crypto has surged to $75 billion, nearing record highs, with a cluster of short positions between $107,000 and $113,500 potentially setting up the market for a short dominance has risen to 63%, with a market cap of $2.1 trillion. Daily trading volume has increased 14.5% to $58.83 to the CoinSwitch Markets Desk, adding to the volatility, Bitcoin saw a $471 million outflow from ETFs this week. Still, institutional interest appears intact. Meanwhile, Delta Exchange's Riya Sehgal highlighted a record $6.22 billion inflow into the iShares Bitcoin Trust ETF in May. She noted that Bitcoin remains under short-term bearish pressure, trading below both its 50-day and 200-day moving averages. ADVERTISEMENT In a separate development, Pakistan's newly formed crypto council announced plans to build a strategic Bitcoin reserve. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
a day ago
- Business
- Mint
Bitcoin price today: Token slips below $105k before slight recovery, experts say bulls passive amid wider uncertainty
Bitcoin price today: The world's largest cryptocurrency, Bitcoin's price, slipped below the psychological $1,05,000 level today on May 30, before recovering slightly, data on CoinMarketCap showed. At time of writing, the token was at $105,795.12, down 1.90 per cent compared to the previous day, and below the recent all-time highs of $1,10,000 seen last week. Further, market capitalisation of Bitcoin is also down 1.92 per cent to $2.1 trillion, while trade volume have increased 16.28 per cent in sell-off to $58.84 billion worth, according to data on CoinMarketCap. At $2,621.35, down 3.94 per cent from the previous day, Ethereum shed 3.90 per cent market cap to $316.46 billion. It has however remained above the $2,600 psychological level. CoinDCX Reserach noted that the top gainers include DeXe with over a 14 per cent rise, followed by SPX6900 with over a 3 per cent increase. And top losers are Uniswap, which plunged 14 per cent; Optimism, by 13.33 per cent; Arbitrum & Pudgy Penguins, by 13 per cent each; and Pepe & Pyth Network, by over 11 per cent each. According to the CoinDCX research team, crypto markets continue to plunge as bulls remain passive. The crypto market drag has also negatively impacted other tokens such as XRP, Solana, Cardano, and Shiba Inu, etc. 'With the latest price plunge, more than $345 million has been liquidated from the markets in the past few hours,' it observed. Further, Riya Sehgal, Research Analyst at Delta Exchange noted, 'the crypto market is experiencing increased volatility, with a 2.43 per cent drop in market cap to $3.35 trillion and a rise in 24-hour volume to $184.7 billion amid $725 million in liquidations.' 'Macroeconomic uncertainty persists, driven by stalled US-China trade talks and a US court blocking tariffs. Bitcoin recently hit a 9-day low near $104,725, trading below its 50 and 200 SMAs, signaling short-term bearish pressure unless it breaks above key resistance levels. Ethereum and altcoins like Cardano and Dogecoin also saw declines,' she added. Edul Patel, co-founder and CEO of Mudrex feels that Bitcoin 'is consolidating amid geopolitical uncertainty, as stalled US–China trade talks bring back trade war concerns'. '… macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 percent GDP contraction in Q1 2025 have added to short-term market caution,' he added. Sehgal however noted that strong institutional demand persists, highlighted by a record $6.22 billion inflow into the iShares Bitcoin Trust ETF in May. And Patel concurred, 'Institutional confidence remains strong, with $432 million flowing into spot Bitcoin ETFs, helping in price recovery. Currently, BTC need to reclaim the $108,000 levels for sustained momentum. On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 levels.' Key Takeaways Bitcoin's recent dip highlights the ongoing volatility in the cryptocurrency market. Institutional investments are continuing to flow into Bitcoin, indicating underlying confidence despite short-term price declines. Macroeconomic factors are significantly impacting crypto prices, with geopolitical tensions and economic indicators contributing to market uncertainty.
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Business Standard
3 days ago
- Business
- Business Standard
Bitcoin steady at $108k as market awaits move; Ethereum eyes $3,000
Bitcoin (BTC) price today, Wednesday, May 28, 2025: The cryptocurrency market continues to trade within a narrow range, with leading digital asset Bitcoin (BTC) consolidating around the $108,800 mark following an unsuccessful attempt to break through resistance near $111,000. Market analysts called the current consolidation healthy and said it indicates investors are waiting for clearer breakout or breakdown signals. The bellwether currency was quoted trading at around $108,810.13, lower by 0.21 per cent at 11:40 AM on Wednesday, May 28. The world's most popular cryptocurrency had a 24-hour trading volume of $52.64 billion. Bitcoin's market capitalisation stood at $2.16 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $108,445.43 and $110,744.21, according to data from CoinMarketCap. Bitcoin, Edul Patel, Co-founder and CEO of Mudrex, said, is currently in a re-accumulation phase, where steady buying interest is helping maintain bullish momentum. "Market sentiment was further boosted by US President Donald Trump's media company announcing plans to raise $2.5 billion to establish a Bitcoin treasury." Calling Bitcoin's consolidation healthy, Vikram Subburaj, CEO, Giottus Crypto Platform, said that, "As long as BTC holds above the weekly open near $109,000, the path to a renewed breakout above $110,000 is likely." A brief dip into the $106,000–$108,000 zone, Subburaj believes, would fall within normal volatility. Ethereum faces resistance at $2,750 Ethereum (ETH), on the other hand, touched the $2,700 mark briefly but failed to hold. Last seen, it was quoted trading at $2,629.79, up 0.92 per cent, with a trading volume of $24.32 billion. It has fluctuated in the range of $2,566.49–$2,712.29 in the last 24 hours. Ethereum's market cap stood at $317.5 billion, making it the second-largest cryptocurrency by market capitalisation. Despite the dip, Harish Vatnani, head of trade, ZebPay, said, the Relative Strength Index (RSI) remains at 64—comfortably below the overbought threshold of 70—suggesting there's still room for bullish momentum if buyers regain control. "However, caution is warranted, as the MACD flashed a bearish crossover on Friday, signalling potential short-term weakness and a possible continuation of the downward move. Traders will likely keep a close eye on these technical levels for confirmation of the next trend direction," said Vatnani. ETH is facing strong resistance at $2,750. If it breaks and closes above this level with good volumes, then Vatnani expects the price to further rally up to $3,000 and $3,350. Altcoins trade mixed Among other popular altcoins, Binance Coin (BNB) was trading higher by 0.69 per cent, while Cardano (ADA) was trading lower by 1.9 per cent, Ripple (XRP) was trading lower by 0.56 per cent, and Solana (SOL) lower by 0.33 per cent.
Time of India
20-05-2025
- Business
- Time of India
Bitcoin trades above $106,000 as market shrugs off US credit downgrade; Ethereum, Chainlink jump over 7%
Bitcoin surged past the $106,000 mark on Tuesday, buoyed by rising institutional interest, regulatory developments, and renewed investor appetite for crypto assets amid global economic uncertainty. As of 11:19 AM IST, Bitcoin was trading at $106,134, up 3.1%, while Ethereum rallied 7.8% to $2,564. The global cryptocurrency market cap rose 3.29% to $3.36 trillion. Bitcoin's latest rally followed Moody's decision to downgrade the US sovereign credit rating from AAA to Aa1, citing concerns over the country's rising $36.87 trillion debt burden. The move sparked unease in traditional markets, pushing investors toward digital assets. Crypto Tracker TOP COIN SETS BTC 50 :: ETH 50 -2.36% Buy Smart Contract Tracker -5.63% Buy DeFi Tracker -6.69% Buy Web3 Tracker -9.05% Buy NFT & Metaverse Tracker -11.85% Buy TOP COINS (₹) Ethereum 217,302 ( 6.87% ) Buy Bitcoin 9,026,908 ( 3.07% ) Buy XRP 202 ( 2.5% ) Buy BNB 55,571 ( 2.19% ) Buy Tether 85 ( 0.09% ) Buy 'Bitcoin surged past the $106K mark following Moody's decision... reinforcing BTC's narrative as a macro hedge against traditional financial instability,' said the CoinSwitch Markets Desk, noting that Bitcoin's market dominance rose by 4.07% following the downgrade. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Edul Patel, Co-founder and CEO of Mudrex, echoed the sentiment. 'Bitcoin is showing strong recovery, trading near $106,700 after a brief pullback... reaffirming its appeal as a hedge against uncertainty,' he said. 'BTC needs to breach the resistance at $107,500 for a move toward a new all-time high. Support remains at $102,750.' The rally also gained momentum after JPMorgan CEO Jamie Dimon confirmed the bank would allow clients to purchase Bitcoin—a major step for institutional adoption. 'JP Morgan CEO has announced that the bank will allow its clients to purchase Bitcoin, which is seen as a big boost from a retail and institutional adoption point of view,' said Shivam Thakral, CEO of BuyUcoin. He also pointed to technical indicators: 'Some analysts anticipate a 'golden cross' pattern on Bitcoin's daily chart, which could signal further bullish momentum.' Also Read: JPMorgan Chase to offer clients access to Bitcoin, despite CEO Dimon's continued criticism Meanwhile, the US Senate advanced the GENIUS Act—a key bill targeting oversight of the $250 billion stablecoin market. If passed, experts say it could bring much-needed clarity to crypto regulation in the US. Vikram Subburaj, CEO of Giottus, noted that Bitcoin continues to consolidate above key support levels. '$107,000 remains a key resistance to watch in the near term,' he said. 'In the derivatives market, open interest remains concentrated at $110,000 and $115,000 ahead of the May 30 expiry... reflecting bullish positioning among traders.' The broader altcoin market also saw gains. Chainlink led the pack with a 7.7% rise, followed by Solana and Avalanche up 4% and 3.8%, respectively. XRP, BNB, Dogecoin, Cardano, Tron, Sui, and Shiba Inu gained between 2% and 3.8%. Bitcoin's market cap rose to $2.109 trillion, maintaining a 62.8% share of the total crypto market. However, daily trading volumes fell 6.3% to $57.18 billion. Also Read: Why AI tokens are emerging as high-conviction investment theme in 2025 ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Mint
14-05-2025
- Business
- Mint
Bitcoin price today sustains above $103k. Can lower market volatility induce further upmove? Here's what experts say
Bitcoin price today: The world's biggest cryptocurrency gained over 1.5 per cent on Wednesday, May 14, and held steady above the $103,000 level for a second straight day, data on CoinMarketCap showed. Bitcoin was trading at $103,495.57 at 9.30 am today, up 1.57 per cent over the previous day, with the market capitalisation of the world's largest crypto token at $2.05 trillion. The trading volume for Bitcoin soared 20.52 per cent to $50.16 billion (up over the past 24 hours), data showed. According to CoinMarketCap, Bitcoin's dominance in the overall crypto market is at 61.2 per cent. This represents the percentage of Bitcoin's total market cap compared to the total market cap of all other tokens combined. Edul Patel, Co-founder and CEO of Mudrex, told Livemint that Bitcoin is hovering around $103,700 after briefly testing resistance at $105,000, supported by better-than-expected April CPI data at 2.3 per cent. Presto Research noted that Bitcoin's dominance has reached levels last seen before the 2021 bull market, and capital is starting to flow into altcoins. The second-biggest crypto token Ethereum was at $2,647.38, up 8.55 per cent over the previous day, with a market cap of $319.95 billion, while stablecoin Tether was at $0.9997, up 0.03 per cent, with a market cap of $150.31 billion. Donald Trump's favoured Solana was also up 6.97 per cent at $180.92, with a market cap of $93.97 billion. Data from CoinShares showed that investments in crypto funds jumped by $882 million, rising for the third consecutive week. It credited a combination of factors such as risks of stagflation in the US, growth of M2 money supply globally, and forward movement with the strategic bitcoin reserve by US states. Of the tokens, it said Bitcoin saw funds of $867 million, followed by Ethereum ($1.5 million), and XRP ($1.4 million), while investments in Solana decreased by $3.4 million. Himanshu Maradiya, Founder and Chairman of crypto exchange CIFDAQ noted that crypto market remains range-bound. He said that meme coins are capturing retail attention, and on the stablecoin front, Tether supply has exceeded $150 billion, representing 63 per cent of the $238 billion stablecoin market, and facilitating over $521 billion in weekly transfers, surpassing traditional payment networks in volume. HTX Reserch noted that institutional investors, such as BlackRock's Bitcoin ETF infusions, and Abu Dhabi's sovereign wealth fund, are driving growth. Patel added, 'This is the third straight month of cooling inflation, strengthening expectations of Fed rate cuts in 2025 and boosting the outlook for risk assets. Interestingly, Bitcoin's 10-day realised volatility dropped to 43.86, lower than S&P 500 and the Nasdaq 100 at 47.29 and 51.26 respectively, showing the increasing maturity of Bitcoin as an asset. The lower volatility, cooling inflation and a trade war truce create favourable market conditions for Bitcoin's next leg of rally.' Alex Kuptsikevich, chief market analyst at FxPro, suggested some caution due to profit booking. 'The crypto market cap has fallen despite continued positive traction in the equity market. The strengthening dollar on news of tariffs has been a natural drag on cryptos. This is doubly true due to Bitcoin's proximity to the highs, reinforcing the pull for short-term profit taking after rallying in just over a month,' he pointed.
