Latest news with #Walke
Mint
8 hours ago
- Business
- Mint
Crypto news update, June 10: Bitcoin brushes $110k catching traders off-guard before moving to $1,09,449
Bitcoin price today, June 10: The world's largest cryptocurrency, Bitcoin, briefly rose 1.38 per cent to $110,277.93 on June 10, while Ether jumped 4.8 per cent to $2,713.39, before slipping sightly on profit-booking. CoinSwitch Markets Desk noted that the hike caught traders off guard. 'Over $110 million in short positions were liquidated within an hour, with a total of $330 million in shorts wiped out over the course of the day,' they noted. Overall, the crypto market capitalisation on June 10 is at $3.41 trillion, with trade volume over the past 24 hours being $134.11 billion, according to data on CoinMarketCap. Further, in terms of dominance, Bitcoin gained 1.41 per cent to comprise 63.6 per cent of the market share on June 10; while Ethereum rose 0.43 per cent to 9.5 per cent dominance; and other tokens fell 1.84 per cent to comprise the remaining 26.9 per cent of the crypto market, data showed. Early at 5 am on June 10, Bitcoin briefly touched 1,10,000 levels, before moving to $109,449.70 at time of writing, as per CoinMarketCap. It was up 3.74 per cent from the previous day, with market cap at $2.17 trillion (also up 3.79 per cent), and tarde volume of $58.15 billion (up 50.45 per cent). According to Piyush Walke, Derivatives Research Analyst at Delta Exchange, Bitcoin 'is trading above its anchored VWAPs, reinforcing the prevailing positive market sentiment'. Further, at time of writing, Ethereum was up 7.40 per cent over the past 24 hours, to $2,677.74, with market cap of $323.26 billion (up 7.41 per cent), and volume of $26.92 billion (up 98.57 per cent). In other big names, USD linked Tether was at $1, with market cap of $155.22 billion (up 0.25 per cent), and volume of $87.48 billion (up 53.04 per cent); while the Solana token was at $158.54, with market cap of $83.22 billion (up 5.16 per cent) and volume of $3.9 billion (up 73.83 per cent). Walke noted that Bitcoin recently formed an inverted Head and Shoulders pattern on the hourly timeframe, which is 'a bullish technical setup'. 'Based on the pattern's projection, Bitcoin could target levels around $111,000. On the institutional side, Bitcoin spot ETFs recorded net inflows of $386.2 million, while Ethereum ETFs attracted $53 million, indicating growing investor interest in both assets,' he added. CoinSwitch's opinion was that a decisive break above $110k or below $100k will be needed to sustain momentum. And CoinDCX research team noted that 'investor's sentiments are slowly turning into 'greed' after a brief consolidation'. Edul Patel, Co-founder and CEO of Mudrex noted, 'the crypto market saw a strong rally, amid easing geopolitical tensions. The US and China resuming trade negotiations led to a positive investor sentiment, with the rally extending to Ethereum, Solana, and other altcoins.' 'Meanwhile, about $38 million in short positions were liquidated, reducing downside pressure. If the momentum sustains, Bitcoin could attempt a new all-time high soon, with support standing at $105,600,' he added. Key Takeaways Bitcoin's recent rally indicates a shift in investor sentiment towards optimism. Technical patterns suggest potential price targets and market trends. Short position liquidations highlight the volatile nature of cryptocurrency trading.
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Business Standard
12-05-2025
- Business
- Business Standard
Bitcoin consolidates near $104k, eyes $115k; ETH slips below $2,500
Flagship cryptocurrency Bitcoin (BTC), after reclaiming the $100,000 level for the first time since February 2025, continues to hold above it. Bitcoin hit the six-figure milestone on Thursday, May 8, but has since been consolidating around the $104,000 level. Bitcoin was trading at $103,893.53, up marginally by 0.03 per cent at 11:26 AM on CoinMarketCap. The cryptocurrency has fluctuated between $103,364.74 and $105,039.36 over the past 24 hours, with a trading volume of $46.73 billion. Bitcoin's market capitalisation stood at $2.06 trillion, the highest among all cryptocurrencies. Notably, Bitcoin is 4.73 per cent lower than its all-time high of $109,114.88, reached nearly four months ago on January 20, 2025. Bitcoin eyes fresh highs The current consolidation in Bitcoin, Piyush Walke, derivatives research analyst at Delta Exchange, said, marks a breakout from Bitcoin's recent consolidation zone, which had formed a bullish flag-and-pole pattern. If the breakout holds, Walke suggests that the technical projection could indicate a potential move toward the $115,600 level, surpassing the previous all-time high. Echoing similar views, Vikram Subburaj, CEO of Giottus Crypto Platform, believes that Bitcoin could scale a new all-time high. "This is a decisive week for crypto as Bitcoin consolidates above $103,000. A strong bullish bias driven by a new US-China deal could be the fuel for another sustained run in the markets. If Bitcoin breaks above $105,000, it could rally toward a new high," Subburaj said. Walke, on the other hand, noted, "If Bitcoin maintains its upward momentum, the $115,600 target levels could be reached in the near term. However, it may encounter resistance near the $107,000 level, which also aligns with a technical supply zone. Meanwhile, Bitcoin reaching the position of the world's fifth-largest asset by market capitalisation marks a significant milestone, reflecting growing investor confidence in the broader crypto asset class." Altcoins trade lower Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, slipped below the $2,500 mark after briefly scaling above it. It was trading lower by 2.36 per cent at $2,496.88. It has traded in the range of $2,441.73 - $2,557.42 in the last 24 hours. Ethereum is nearly 48 per cent lower from its all-time high of $4,891.70, reached on November 16, 2021. Among other popular altcoins, Cardano (ADA) was trading lower by 0.28 per cent, Solana (SOL) up 1.01 per cent, Ripple (XRP) 0.81 per cent, and Binance Coin (BNB) 1.55 per cent. Bitcoin (BTC), Moo Deng ( Pi (PI), Peanut the Squirrel (PNUT), and Goatseus Maximus (GOAT) were among the top most trending cryptocurrencies on CoinMarketCap.
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Business Standard
08-05-2025
- Business
- Business Standard
Fed's steady hand drives Bitcoin toward $100K; ETH, other altcoins surge
The crypto market was buzzing in trade after the US Federal Reserve's Jerome Powell announced to keep the interest rates steady at the range of 4.25 per cent and 4.50 per cent, while acknowledging continued economic strength. Market analysts believe this has reinforced positive market sentiment for cryptocurrencies. Following the announcement, the flagship cryptocurrency Bitcoin reclaimed the $99,400 level, just 600 points shy of the $100,000 mark. It has, however, taken a slight retreat and was quoted trading at around $98,863.98, up by 2.63 per cent at 11:17 AM on Thursday, May 8. The world's most popular cryptocurrency had a 24-hour trading volume of $50 billion. Bitcoin's market capitalisation stood at $1.96 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $95,829.33 and $99,406.51, according to data from CoinMarketCap. Bullish momentum may push Bitcoin beyond $100,000 This bullish momentum, Piyush Walke – derivatives research analyst at Delta Exchange, said, is likely to sustain as investors are increasingly viewing Bitcoin as a store of value rather than merely a speculative asset. The next key level to watch is the $100,000 mark, which Walke believes also serves as a major psychological resistance—potentially triggering some minor selling pressure. "The Federal Reserve's decision not to cut interest rates signals a continued focus on controlling inflation, reinforcing a tight monetary policy stance. Bitcoin responded positively to the announcement, rallying by approximately 2,000 points. Meanwhile, cumulative inflows into Bitcoin ETFs have reached a new all-time high of $40.62 billion, highlighting a sharp rise in institutional participation and further validating Bitcoin's role as a mainstream investment vehicle," said Walke. Echoing similar views, Edul Patel, co-founder and CEO of Mudrex, also said that the US Fed's decision to keep benchmark interest rates steady, while acknowledging continued economic strength, has reinforced positive market sentiment. Meanwhile, China's liquidity-boosting measures and the Fed's return to quantitative easing, with over $34 billion in bond purchases this week, have created a supportive macro backdrop for crypto. "Any fresh wave of liquidity could reduce real yields, devalue fiat, and potentially drive further inflows into crypto assets," said Patel. A move past $99,300, Patel believes, could trigger a wave of short liquidations, helping Bitcoin's rally beyond the $100K mark. Altcoins benefit from positive market sentiment Sentiments were favorable among other cryptocurrencies as well. Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization, was trading higher by 3.96 per cent at $1,899.90. It has traded in the range of $1,788.69 - $1,913.43 in the last 24 hours. Ethereum is nearly 61 per cent lower from its all-time high of $4,891.70, reached on 16, 2021. Among other popular altcoins, Solana (SOL) was leading the charge with gains of 3.31 per cent, followed by Cardano (ADA) up 3.81 per cent, Ripple (XRP) up 2.05 per cent, and Binance Coin (BNB) up 0.94 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, up 0.01 per cent. Bitcoin (BTC), Mog Coin (MOG), Ethereum (ETH), EOS (EOS), Solana (SOL), and Bitcoin Cash (BCH) were among the top trending crypto coins on CoinMarketCap.
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Business Standard
06-05-2025
- Business
- Business Standard
Bitcoin consolidates at $94K; analysts eye breakout amid US Fed uncertainty
Flagship cryptocurrency Bitcoin continues to trade within a narrow consolidation range, showing minimal price movement. Although it briefly climbed past $97,000, it has since slipped below $95,000 and was last seen trading around $94,338.87, lower by 0.42 per cent as of 11:31 AM on Tuesday, May 6. According to CoinMarketCap, Bitcoin has fluctuated between $93,631.90 and $95,193.19 over the past 24 hours. The world's most valuable cryptocurrency, with a market capitalisation of $1.87 trillion, recorded a 24-hour trading volume of $22.31 billion. Implied volatility remains subdued ahead of the US Federal Reserve's interest rate decision scheduled for Wednesday night. Analysts note that Bitcoin's stagnant price behaviour reflects market caution in anticipation of the Fed's move. Over the past two weeks, Bitcoin has lacked momentum in either direction. Despite the sideways action, Bitcoin dominance has steadily increased to 63.46 per cent, indicating a lower risk appetite among investors. This trend, according to Piyush Walke, Derivatives Research Analyst at Delta Exchange, suggests a 'flight to safety' as altcoins continue to underperform relative to Bitcoin. 'A breakout above $1,938 could signal a reversal, while a drop below $1,800 might lead to further declines,' said Walke, adding that the Relative Strength Index (RSI) is nearing oversold territory, which could indicate a short-term bounce. ALSO READ | Edul Patel, co-founder and CEO of Mudrex, believes the crypto market is waiting for a clear catalyst to define its next move. He points to encouraging data from Glassnode, which shows that 88 per cent of Bitcoin supply is currently in profit. Losses are limited mostly to recent buyers in the $95,000–$100,000 range, suggesting reduced sell pressure and a potentially bullish setup. "Bitcoin now faces resistance above $96,000, with firm support at $93,000," said Patel. Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, is showing signs of renewed momentum. On-chain data shows a 79 per cent surge in new addresses and an 11 per cent rise in active addresses, indicating increasing user engagement. Continued weekly inflows into Ethereum ETFs, analysts said, also suggest sustained institutional interest. That said, ETH was last quoted at $1,803.61, lower by 0.54 per cent, with a trading volume of $10.93 billion. Among other popular cryptocurrencies, Binance Coin (BNB) defied market trends and was trading higher by 1.24 per cent. Meanwhile, Ripple (XRP) was down 2 per cent, and Solana (SOL) declined by 1.24 per cent. The US dollar-linked stablecoin Tether (USDT) traded at $0.9998, down 0.02 per cent.
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Business Standard
05-05-2025
- Business
- Business Standard
Bitcoin falters at high levels, slips below the $95k mark; what lies ahead?
The crypto markets have exhibited a blend of optimism and caution. The flagship currency, Bitcoin, despite reclaiming the $97,000 level buoyed by positive sentiment surrounding potential US-China trade negotiations and robust institutional demand, has struggled to hold above it and slipped below the $95,000 mark. At 10:53 AM on Monday, May 5, Bitcoin was quoted trading at around $94,406.25, down by 1.50 per cent. The world's most popular cryptocurrency had a 24-hour trading volume of $21.09 billion. Bitcoin's market capitalisation stood at $1.87 trillion, the highest among all cryptocurrencies. Bitcoin has traded in the range of $93,566.26 to $96,154.73 in the last 24 hours, according to data from CoinMarketCap. Bitcoin, Piyush Walke, derivatives research analyst at Delta Exchange, said, is again in the consolidation zone of $91,500 to $96,000. On the daily chart, Bitcoin appears to be forming a Flag and Pole pattern—a continuation setup that indicates the ongoing uptrend could resume after a short period of consolidation. "A strong breakout above the flag structure, particularly with rising volume, would confirm this pattern and signal renewed bullish momentum, potentially pushing Bitcoin toward new highs," said Walke. Key resistance levels for Bitcoin, Walke noted, are positioned at $100,000 and $107,000, while important support levels lie at $91,000 and $85,000. These zones are significant due to historical price activity and recurring chart patterns, marking areas of potential resistance or renewed buying interest. Despite the weekend profit booking, Alankar Saxena, co-founder and CTO of Mudrex, believes that network activity is surging. Bitcoin recently recorded its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This rise in participation, Saxena said, reflects growing investor interest and market engagement. Saxena remains optimistic about the flagship cryptocurrency and stated, "A dovish stance from the US Fed could lead to a fresh rally toward the $100,000 milestone, triggering over $3 billion in liquidations that could further fuel upward momentum." Bitcoin now faces resistance near the previous high of $97,900, while major support stands at $92,000. Ethereum and other altcoins Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, was also showing a similar trend. At last check, it was trading at around $1,803.55, down 1.84 per cent. Among other popular cryptocurrencies, Solana (SOL) was trading higher by 0.41 per cent, while Binance Coin (BNB) was down by 1.44 per cent, and Ripple (XRP) declined by 1.73 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, down 0.04 per cent. Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), and Turbo (TURBO) were among the top trending crypto coins on CoinMarketCap.
