The cryptocurrency market experienced a dramatic shift this past week. After reaching new highs, it underwent a significant correction as investors began taking profits and reacting to broader global economic indicators. Bitcoin, which had briefly touched an impressive $121,000 (roughly ₹1.07 crore) on October 10, saw its price dip to around $114,800 (approximately ₹1.01 crore). Similarly, Ethereum followed suit, falling to $4,100 (around ₹3.63 lakh).
Market analysts attributed this sharp decline primarily to US President Donald Trump’s announcement of a 100 percent tariff on Chinese goods. This news sent shockwaves across global markets, triggering widespread liquidations and profit-taking, which ultimately led to Bitcoin’s tumble. As of the latest updates, Bitcoin is trading near ₹1.02 crore on Indian exchanges, with Ethereum holding steady at approximately ₹3.67 lakh.
Altcoins See Fluctuations After Recent Peaks
Various altcoins followed Bitcoin’s correction over the weekend, with XRP dropping to $2.56 (roughly ₹227), Solana (SOL) slipping to $195 (roughly ₹17,300), and Dogecoin (DOGE) losing ground to $0.20 (roughly ₹18). Notably, Binance Coin (BNB) demonstrated remarkable resilience, maintaining its position around $1,294 (approximately ₹1.15 lakh) despite the overall market turbulence.
According to the CoinSwitch Markets Desk, the recent downturn is best understood as short-term profit-taking rather than a significant reversal of the market’s upward trend. They observed, “The drop was largely driven by mass liquidations and profit-booking as global risk sentiment weakened. Despite the volatility, markets have shown resilience […] Investors are clearly buying the dip, viewing corrections as long-term opportunities rather than moments of panic.”
Avinash Shekhar, Co-Founder and CEO of Pi42, echoed this sentiment, describing the pullback as a necessary recalibration. “Bitcoin’s breakout past $114,000 (roughly ₹1.01 crore) and Ethereum’s 6 percent surge suggest that crypto markets are rapidly pricing in a thaw in US-China tensions. What appeared as a violent liquidation event is now being recalibrated as a strategic pause, a moment where miscommunications and headline risk had exaggerated downside,” he noted.
Edul Patel, CEO of Mudrex, highlighted the enduring strength of on-chain indicators. He noted that “Hopes of possible de-escalation talks between the US and China, along with $259 million (roughly ₹2,296 crore) in short liquidations, have eased selling pressure, fueling the rally […] Any dovish signal from Jerome Powell on rate cuts during his Wednesday speech could further strengthen Bitcoin’s upward trajectory.”
The CoinDCX Research Team further added that altcoins are generally in a consolidation phase, yet still demonstrating underlying strength. “Ethereum is sustaining above $4100 (roughly ₹3.63 lakh) and BNB above $1200 (roughly ₹1.06 lakh),” they observed. Among the top performers, Dash saw an impressive jump of over 51 percent, followed by Bittensor with 35.15 percent, and Mantle with 26 percent gains.
The initial announcement of tariffs on Chinese goods by the US President had a clear impact, shaking global risk appetite and causing a swift sell-off in the cryptocurrency sector. This triggered the recent period of heightened volatility. However, with indications of diminishing trade tensions and the possibility of renewed dialogue between the US and China, market participants are hopeful that the worst of the market panic has passed.
Disclaimer: Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to market risks. The information provided in this article is for informational purposes only and does not constitute financial, trading, or investment advice or any other recommendation offered or endorsed by this publication. We are not responsible for any losses incurred from investments based on any perceived recommendations, forecasts, or other information contained herein.