Bitcoin and Ethereum show signs of recovery after recent volatility, with investors optimistic about potential rate cuts following U.S. Federal Reserve Chair Jerome Powell’s comments.
Market Overview
After a period of significant volatility, the cryptocurrency market is showing signs of stabilization. Bitcoin has rebounded to approximately $112,000 (roughly ₹99.4 lakh), recovering from a dip below $110,000 earlier this week. Ethereum is trading around $4,100 (roughly ₹3.6 lakh), maintaining strength above key support levels.
Analysts attribute this recovery to dovish comments from U.S. Federal Reserve Chair Jerome Powell, who hinted at potential rate cuts in the coming months. His remarks have improved investor sentiment, leading to a stabilization of broader risk assets, including cryptocurrencies.
Altcoin Market
The altcoin market is also experiencing consolidation. Binance Coin (BNB) is trading at around $1,205 (roughly ₹1.06 lakh), XRP is near $2.50 (roughly ₹220), Solana (SOL) is at approximately $204 (roughly ₹18,000), and Dogecoin (DOGE) is holding steady at $0.20 (roughly ₹17.70).
Despite the recent market pullback, institutional accumulation continues, with firms like Strategy and Bitmine buying BTC and ETH, indicating confidence in the long-term trajectory of cryptocurrencies.
Indian Market Snapshot
On Indian exchanges, Bitcoin is trading near ₹99.4 lakh, while Ethereum is around ₹3.6 lakh. These prices reflect the global market trends and are subject to fluctuations based on local demand and macroeconomic factors.
