Bitcoin’s value has settled around $109,900 (approximately Rs. 97.5 lakh) as traders react to recent statements from US Federal Reserve Chair Jerome Powell, which cast doubt on the timing of future rate reductions. With investors eagerly awaiting crucial US jobs data, the wider cryptocurrency market has experienced a downturn. The total market capitalization currently stands at about $3.73 trillion (roughly Rs. 3,30,00,000 crore). Ethereum (ETH) mirrored this trend, dropping 0.57 percent to $3,858 (approximately Rs. 3.4 lakh). Our price tracking indicates Bitcoin is priced at roughly Rs. 97.5 lakh, and Ethereum at Rs. 3.4 lakh.
Altcoins Experience Declines Alongside Bitcoin and Ethereum
The altcoin sector displayed varied performance, with several prominent tokens falling as market caution intensified. Binance Coin (BNB) saw a 0.87 percent decrease, trading at $1,094 (around Rs. 96,900). Solana (SOL) experienced a more significant drop of 3.5 percent to $185 (roughly Rs. 16,400). Dogecoin (DOGE) nudged lower to $0.18 (approximately Rs. 16.4), while XRP fell by 1.3 percent to $2.48 (around Rs. 220).
Analysts from the CoinSwitch Markets Desk noted that market sentiment remains cautious, with Bitcoin hovering around critical support levels. They reported that “the total market capitalization stood at approximately $3.73 trillion (roughly Rs. 3,30,00,000 crore), and major altcoins saw declines of 3–7 percent. Bitcoin is currently positioned near the $108,000–$110,000 (around Rs. 95.5 lakh–Rs. 97.3 lakh) support range, facing resistance between $115,000–$116,000 (roughly Rs. 1,01,00,000–Rs. 1,02,00,000). Overall, traders are maintaining a watchful stance, awaiting further macroeconomic signals.”
Riya Sehgal, a Research Analyst at Delta Exchange, highlighted that traders have adopted a defensive posture due to broader economic concerns and how equity markets are impacting crypto. She stated, “crypto markets have returned to a defensive state, with the sector experiencing a 2.37 percent slide over the last 24 hours. Despite an initial 25 basis point rate cut, traders are now tempering their expectations for additional monetary easing, reducing the likelihood of another cut in December. A robust labor market report could exacerbate the sell-off, whereas any indicators of economic cooling might offer a much-needed relief bounce for crypto assets.”
Vikram Subburaj, CEO of Giottus, pointed out that even with some encouraging signs, Bitcoin’s recent dip and substantial liquidations underscore a fragile risk appetite among investors. He explained, “Over $1 billion (approximately Rs. 8,861 crore) in liquidations temporarily pushed Bitcoin below its 200-day Exponential Moving Average before its price stabilized around $108,000–$109,000 (roughly Rs. 95.6 lakh–Rs. 96.5 lakh). Traders are now identifying the $103,000–$100,000 (roughly Rs. 91.3 lakh–Rs. 88.6 lakh) range as the next critical liquidity zones should downward pressure continue. Our advice is to proceed with caution in this conflicting macroeconomic environment. Traders should confirm market trends rather than react solely to headlines.”
The prevailing market sentiment remains cautious as participants closely monitor global macroeconomic developments. Analysts anticipate heightened volatility leading up to the November 1 US jobs report, which is expected to significantly influence the short-term trajectory of both equity and cryptocurrency markets.