Weaker-than-expected US payroll data eased rate hike concerns, helping cryptocurrencies recover.
Ethereum, Solana, and XRP joined Bitcoin’s rally after softer US economic data lifted sentiment
Photo Credit: Unsplash/Kanchanara
Bitcoin traded near $61,600 (roughly Rs. 58.77 lakh) on Friday as the cryptocurrency market extended its recovery after weaker-than-expected US jobs data eased concerns over a near-term Federal Reserve rate hike. The world's largest cryptocurrency witnessed an increase of 2.28 percent in the last 24 hours, based on today's market data. Ethereum (ETH) was trading near $1,700 (roughly Rs. 1.64 lakh), reflecting broad-based gains across the crypto market. Bitcoin is currently priced around Rs. 58.77 lakh in India, while Ethereum trades near Rs. 1.64 lakh, as per today's Gadgets 360 price tracker.
According to market participants, Bitcoin continued to trade above the $61,500 (roughly Rs. 58.60 lakh) level as softer US labour market data improved expectations that the Federal Reserve may delay further rate hikes. Analysts noted that provisional spot Bitcoin ETF inflows and hopes of capital rotating into crypto following weakness in the Nasdaq supported sentiment. However, rising exchange inflows suggest volatility could remain elevated.
Mirroring Bitcoin's recovery, Binance Coin (BNB) was priced around $561 (roughly Rs. 53,490), while Solana (SOL) traded near $81 (roughly Rs. 7,716). XRP hovered around $1.09 (roughly Rs. 104), and Dogecoin (DOGE) traded near $0.075 (roughly Rs. 7.2), indicating improving risk appetite among large-cap cryptocurrencies.
Sharing his assessment of current price action, Akshat Siddhant, Lead Quant Analyst at Mudrex, said, “A sell-off in Nasdaq fueled hopes of capital rotation into crypto, contributing to the recovery. However, investors must remain cautious. On-chain data shows Bitcoin exchange inflows have climbed above 50,000 BTC per day, along with Ethereum exchange inflows exceeding 1.25 million ETH. Historically, such spikes in exchange deposits have often been followed by increased volatility, including June's decline to $58,000 (roughly Rs. 55.26 lakh).”
Providing a broader view of current market conditions, Vikram Subburaj, CEO, Giottus.com, said, “The economy added 57,000 jobs, compared with expectations of 110,000. This reduced concerns over an immediate Federal Reserve rate increase. Institutional demand also improved [...] Investors should avoid chasing rallies and use staggered entries with disciplined position sizing until Bitcoin clears resistance and ETF demand strengthens.”
Commenting on the latest market trends, the CoinSwitch Markets Desk said, “Institutional demand remains weak due to persistent ETF outflows, while higher bond yields continue to compete with risk assets. The market is also divided on whether the recent low marks the end of the correction or merely a temporary bounce.”
Overall, analysts said the crypto market has strengthened after weaker US economic data eased expectations of an immediate Federal Reserve rate hike and improved investor sentiment. However, rising exchange inflows, mixed institutional participation, and key resistance near $62,100-$62,600 (roughly Rs. 59.16 lakh-Rs. 59.64 lakh) suggest volatility may persist before Bitcoin establishes a stronger upward trend.
Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.