Traders are closely watching upcoming US economic data for clues on liquidity and risk appetite.
Crypto markets remain under strain as investors reduce exposure to risk assets
Photo Credit: Unsplash/Shubham Dhage
Bitcoin traded near $61,800 (roughly Rs. 58.98 lakh) on Friday, as the cryptocurrency market remained under pressure amid continued ETF outflows and broad weakness across major digital assets. The world's largest cryptocurrency has now seen a drop of 14.44 percent in the last seven days, based on today's market data. Ethereum (ETH) was trading near $1,600 (roughly Rs. 1.57 lakh), reflecting sharp losses across the broader crypto market. Bitcoin is currently priced around Rs. 58.6 lakh in India, while Ethereum trades near Rs. 1.57 lakh, as per today's Gadgets 360 price tracker.
Analysts noted that capital rotation into other sectors, particularly AI-related investments, and a cautious risk environment have weakened short-term demand for crypto assets.
Major altcoins also traded lower on Friday, largely mirroring Bitcoin's decline amid continued market caution. Binance Coin (BNB) was priced around $576.11 (roughly Rs. 54,950), while Solana (SOL) traded near $64.77 (roughly Rs. 6,180). XRP hovered around $1.10 (roughly Rs. 105), and Dogecoin (DOGE) was trading close to $0.08 (roughly Rs. 7.9), indicating broad-based weakness across large-cap tokens.
Providing a broader assessment of market conditions, Vikram Subburaj, CEO, Giottus.com, said, “Bitcoin's fall from about $73,580 (roughly Rs. 70.2 lakh) on June 1 to nearly $62,764 (roughly Rs. 59.9 lakh) on June 5 shows that the current correction is being led more by capital withdrawal than by panic among long-term holders [...] Investors should avoid chasing intraday bounces.”
Sharing a market perspective, the WazirX Market Desk said, “We've seen this pattern play out across multiple market cycles, most recently in February this year [...] Rising geopolitical tensions and the rapid expansion of AI infrastructure are putting energy security back in focus [...] However, the coming weeks might continue to be volatile for the crypto market, especially with major IPOs of SpaceX and other AI companies coming up.”
Overall, analysts said the crypto market remains under pressure as institutional capital continues to move out of Bitcoin ETFs while investors await key US economic data and Federal Reserve signals. Bitcoin's ability to hold above the $60,000- $62,000 (roughly Rs. 57.2 lakh–Rs. 59.1 lakh) support range and reclaim the $65,000- $67,000 (roughly Rs. 62 lakh–Rs. 63.9 lakh) zone will remain crucial to restoring confidence and improving near-term market sentiment.
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