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Business Standard
a day ago
- Business
- Business Standard
Tariff tensions shake crypto markets as Bitcoin dips to lowest in week
Bitcoin price today, Friday, May 30, 2025: Uncertainty arising from former US President Donald Trump's tariff policy has unsettled the cryptocurrency markets, with the flagship cryptocurrency Bitcoin (BTC) falling to $104,684.72, its lowest level in seven days, after climbing to a record high of $111,970.17 last week. The decline followed a legal twist in the United States, where a federal appeals court on Thursday temporarily reinstated Trump's extensive tariff measures. This came just a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered them to be halted immediately. READ MORE Despite this legal back-and-forth, Bitcoin has shown signs of recovery. As of 10:23 AM on Friday, May 30, Bitcoin was trading at $106,061.71, reflecting a decline of 1.29 per cent over the previous 24 hours. Over the past 24 hours, Bitcoin has fluctuated in the range between $104,684.72 and $108,910.05, according to data from CoinMarketCap. The cryptocurrency had a 24-hour trading volume of $56.77 billion, while its market capitalisation stood at $2.1 trillion, maintaining its position as the most valuable cryptocurrency. At present, Bitcoin is trading 5.38 per cent below its peak recorded on 22 May 2025. Tariff tensions weigh on Bitcoin sentiment Vikram Subburaj, CEO of Giottus Crypto Platform, attributed Bitcoin's recent decline to renewed tariff concerns. 'Bitcoin has slipped to its lowest level in a week as tariff worries resurfaced. Despite Nvidia's strong quarterly results, US stock indices remained subdued as the Trump administration challenged a court order to reverse the tariffs.' Subburaj added that with uncertainty mounting, risk-on markets have experienced liquidity withdrawals. 'Bitcoin's four-hour chart shows a shift in market structure, signalling a potential further decline, possibly towards the early $100,000 range.' Meanwhile, Bitcoin, Edul Patel, co-founder and CEO of Mudrex, believes, is consolidating near $106,000 amid geopolitical uncertainty, as stalled US–China trade talks revive trade war concerns. "Additionally, macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 per cent GDP contraction in Q1 2025 have added to short-term market caution." Despite this, Patel remains optimistic about the outlook of the flagship currency, citing that institutional confidence in Bitcoin remains strong, "with $432 million flowing into spot Bitcoin ETFs, helping in price recovery." Currently, Bitcoin, Patel said, needs to reclaim the $108,000 level for sustained momentum. "On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 level." Ethereum and other altcoins trade lower Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was also following a similar trajectory. At last check, it was quoted trading at $2,637.83, down 3.34 per cent. Ethereum has fluctuated in the range of $2,564.87 to $2,743.57 in the last 24 hours. Ethereum, Subburaj believes, has to hold on to the $2,600 support level to maintain its relative strength against Bitcoin. Among other popular cryptocurrencies, Cardano (ADA) was trading lower by 5.12 per cent, Solana (SOL) was down 3.63 per cent, Hyperliquid (HYPE) declined by 3.15 per cent, Ripple (XRP) by 2.67 per cent, and Binance Coin (BNB) was trading lower by 1.38 per cent.
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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.
Business Standard
23-05-2025
- Business
- Business Standard
Bitcoin pauses around record high levels; Ethereum, Cordano blaze ahead
The bellwether cryptocurrency Bitcoin (BTC), after a continuous march in price discovery into uncharted territory, appears to take a breather as the price seems to be consolidating around the recent highs. As of 9:54 AM on Friday, May 23, Bitcoin was trading at around $110,886.55, lower by 0.40 per cent, with a 24-hour trading volume of $63.95 billion. Over the past 24 hours, Bitcoin has moved within a range of $110,293.12 to $111,970.17, according to data from CoinMarketCap. Bitcoin's market capitalisation stood at $2.2 trillion, making it the wor;ds largest cryptocurreny by market capitlasions. Bitcoin faces resistance at $112,600 Bitcoin, Alankar Saxena, Co-founder and CTO of Mudrex, said, is stabilising around $111,500 after hitting a new all-time high of $111,970, entering uncharted territory with strong momentum. "Moreover, institutional inflows have helped BTC maintain sustained momentum, with Spot ETFs seeing over $600 million in net inflows in a day. Additionally, the US Dollar Index has dropped more than 2.6 per cent over the last 10 days, making crypto an attractive hedge against inflation," said Saxena. For the flagship currency, Vikram Subburaj, CEO, Giottus Crypto Platform, believes that there are signs of continuation in the short term with $115,000 being the immediate target. "A pullback post this is likely given its overbought conditions, though the rally can extend like in December 2024. Market sentiment continues to strengthen with the Crypto Fear & Greed Index climbing to 78 (Extreme Greed)," said Subburaj. Altcoins trade higher Sentiments were favorable among other cryptocurrencies as well. Ethereum (ETH) was trading higher by 3.52 per cent at $2,713.79, with a trading volume of $26.97 billion. It has traded in the range of $2,603.36 - $2,731.22 in the last 24 hours. Ethereum's market capitalisation stood at $327.18 billion, marking it as the world's second-largest cryptocurrency by market capitalisation. That said, Ethereum is nearly 44 per cent lower from its all-time high of $4,891.70, scaled on November 16, 2021. Among other popular altcoins, Cardano (ADA) was trading higher by 5.33 per cent, followed by Solana (SOL) up 4.69 per cent, Ripple (XRP) up 2.14 per cent, and Binance Coin (BNB) up 0.15 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $0.99, down 0.01 per cent.
Business Standard
21-05-2025
- Business
- Business Standard
Bitcoin breaks past $107k resistance: Is a new all-time high on horizon?
Crypto markets were buzzing in trade on Wednesday, May 21, 2025, with flagship currency Bitcoin (BTC) holding above the $107,500 levels. Market analysts believe this breakout above $107,500 levels could potentially open the door toward $110,000 and new all-time highs. The bellwether currency was quoted trading at around $107,575.86, up by 1.32 per cent at 10:46 AM on Wednesday, May 21. The world's most popular cryptocurrency had a 24-hour trading volume of $50.84 billion. Bitcoin's market capitalisation stood at $2.13 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $104,206.52 and $107,664.50, according to data from CoinMarketCap. Bitcoin eyes $110,000 Riya Sehgal, research analyst at Delta Exchange, believes that Bitcoin has built a strong base above the $106,000 mark, indicating solid buyer interest at lower levels. This breakout above $107,500, Sehgal believes, could potentially open the door toward $110,000 and new all-time highs. For Bitcoin, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that liquidity grabs can dictate its short-term price action—a short squeeze at $109,000 followed by a long liquidity grab at $101,000. "Spot ETF inflows have dipped yesterday in a sign that a correction is in order. However, any move down is likely to be a final correction before the asset breaks through its January high," said Subburaj. Notably, Bitcoin is currently 1.42 per cent lower from its all-time high of $109,114.88, scaled on January 20 of this year. Ethereum holds above $2,500 Ethereum, on the other hand, has been showing stronger relative strength, gaining nearly 60 per cent over the last month and outperforming Bitcoin. It is trading around the $2,500 mark, a key psychological resistance. Last seen, it was quoted trading at $2,577.99, up 0.38 per cent, with a trading volume of $21.94 billion. It has fluctuated in the range of $2,446.45 - $2,576.29 in the last 24 hours. Ethereum's market cap stood at $312.01 billion, making it the second-largest cryptocurrency by market capitalisation. "For Ethereum, 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," said Sehgal. Among other popular altcoins, Cardano (ADA) was trading higher by 2 per cent, followed by Binance Coin (BNB) at 1.63 per cent, and Solana (SOL) traded higher by 0.56 per cent. Meanwhile, Ripple (XRP) was trading lower by 3.5 per cent, down 0.11 per cent. In the near term, analysts 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.
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Business Standard
13-05-2025
- Business
- Business Standard
Bitcoin pulls back as traders brace for US CPI data; macro trends in focus
The bellwether cryptocurrency Bitcoin (BTC) recently touched $105,700 before retreating by 3 per cent, indicating potential profit-taking near the $106,000 resistance level, a zone where long-term holders may be looking to exit. The pullback in the flagship currency coincided with broader macroeconomic shifts, including a strengthening US dollar index and renewed optimism around the US–China trade deal, which boosted equities and encouraged profit booking in crypto. The $100K mark, analysts said, remains a critical psychological and liquidation level, with over $3.4 billion in long positions exposed to downside risk if selling pressure continues. As of 10:44 AM on Tuesday, May 13, Bitcoin was trading at $102,662.30, down 1.19 per cent on CoinMarketCap. Over the past 24 hours, it fluctuated between $100,814.40 and $105,747.45, with a trading volume of $64.27 billion. Its market capitalisation stood at $2.16 trillion, maintaining its lead as the most valuable cryptocurrency. Vikram Subburaj, CEO of Giottus Crypto Platform, sees the dip as a healthy correction. "Bitcoin has dipped, likely due to a liquidity grab of long positions in the ecosystem. It retested key levels and is now trading just below $102,000. This is a healthy retracement and could enable BTC to retest $105,000 with conviction later this week," Subburaj said. Traders eye US CPI data Today's US CPI data, Riya Sehgal, research analyst at Delta Exchange, said, will be a critical catalyst. "A softer print could reignite bullish momentum on hopes of interest rate cuts, while a higher-than-expected number might strengthen the dollar and weigh on crypto prices," Sehgal explained. That said, institutional demand continues to remain strong. In 2025 alone, corporations have acquired over 157,000 BTC, led by MicroStrategy-style accumulation strategies. Corporate buying now exceeds miner supply, contributing to a supply shortage reminiscent of deflationary conditions that could push prices higher over time. ETFs are also reinforcing Bitcoin's dominance, with $934 million in net inflows over the past month, driven by major players like BlackRock and Fidelity. "This stands in contrast to Ethereum, which has seen notable outflows—underscoring the market's preference for Bitcoin as a macro-hedge and long-term asset. The broader market reflects a maturing phase, where institutional behaviour and macroeconomic data drive momentum more than retail speculation," Sehgal added. Altcoins mixed; Ripple outperforms Altcoins reflected mixed sentiment. Ethereum (ETH), the second-largest cryptocurrency by market cap, slipped below the $2,600 mark after briefly crossing it. It was trading 1.90 per cent lower at $2,453.30, within a 24-hour range of $2,411.59 to $2,620.90. Ripple (XRP) defied the broader trend, rising 4 per cent and leading altcoin gains. Meanwhile, Cardano (ADA) declined by 3 per cent, Solana (SOL) was down 2.8 per cent, and Binance Coin (BNB) dropped 1 per cent. Analysts believe that once Bitcoin stabilises or rebounds, select altcoins could outperform in the short term.
