Bitcoin is hovering around the $65,000 mark as the risk-off sentiment in the crypto market erased all the midweek gains. The cryptocurrency was trading at $65,030.
In the past 24 hours, Bitcoin and Ethereum were down 3.80% and 6.73% respectively. Among the major altcoins, XRP, BNB, Solana, tron, Dogecoin, Cardano, and Hyperliquid slipped upto 8%.
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The global crypto market capitalisation edged down 2.57% to $3.07 trillion, according to CoinMarketCap.
Nischal Shetty, Founder, WazirX said Bitcoin is currently trading around $65,000, after briefly moving higher earlier in the week and at this point, interest rate cuts seem unlikely for investors to pin their hopes on as a factor for driving bullishness.
Shetty further said that at the same time, widening credit spreads and weakness in private equity markets are signalling caution across global financial markets.
In the past week, Bitcoin and Ethereum were down 4.89% and 4.14% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Cardano and Hyperliquid went down upto 12%.
Riya Sehgal, Research Analyst, Delta Exchange said crypto markets are showing tactical stability but remain structurally fragile and Bitcoin continues to consolidate around $66,000 within a well-defined $63,000-$71,000 range, as rising exchange reserves and positive net inflows signal lingering supply pressure.
Sehgal further said that Ethereum reflects deeper stress, with negative taker volumes confirming liquidation-driven declines toward the $1,850 floor and a sustained break above $2,150 would be essential to restore bullish momentum.
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According to Weekly Market Insights from Binance Research, despite the challenging macro and sentiment environment, multiple indicators are converging to suggest that the crypto market may be at or near a structural bottoming phase.
Macro data has mattered less recently, with markets fixated on “AI disruption” — especially in software, the hardest-hit segment. When that sector finally bottoms and rebounds, it could remove one of the biggest headwinds for crypto, the Weekly Market Insights further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
