Crypto market overview and key indices
The crypto market slipped further into negative territory today as investors ditched riskier bets. Bitcoin fell below the ₹7.5 lakh mark, sliding to its lowest level since April. Ethereum followed the same path, losing nearly eight percent in 24 hours. The overall crypto market capitalisation has retreated to around $2.95 trillion, with almost $958 million of leveraged positions liquidated overnight. Analysts say this broad sell‑off appears to be a mid‑cycle correction rather than a capitulation, yet sentiment remains deeply cautious.
Domestic cues have added to the nervousness. India’s Reserve Bank governor reiterated that the central bank will remain “very cautious” on private cryptocurrencies and stablecoins, reinforcing the likelihood of strict oversight. Meanwhile, stronger‑than‑expected U.S. jobs data tempered hopes of imminent rate cuts by the Federal Reserve, pushing global bond yields higher and weighing on speculative assets. Equity indices such as the Sensex and Nifty retreated as investors reassessed risk; the India VIX jumped over 13 percent.
Bitcoin & Ethereum price movement
| Metric | Bitcoin (BTC) | Ethereum (ETH) |
|---|---|---|
| Price (approx. INR) | ~₹7,62,00,000 | ~₹2,49,000 |
| Price (approx. USD) | ~$86,100 | ~$2,810 |
| 24‑h % change | ▼ ~7.0 % | ▼ ~7.5 % |
| 24‑h high | ₹72,54,200 (≈ $87,400) | ₹2,39,870 (≈ $2,887) |
| 24‑h low | ₹70,77,410 (≈ $85,266) | ₹2,29,910 (≈ $2,773) |
| Sentiment | Extreme fear and risk‑off | Cautious and bearish |
| Commentary | BTC breached key support near ₹8 lakh as sellers dominated; high liquidations hint at forced deleveraging. | ETH mirrored BTC’s slide, holding above ₹2.25 lakh but still vulnerable if market weakness persists. |
Top gainers (altcoins)
Despite the broad sell‑off, a handful of smaller tokens bucked the downtrend. The strongest performers were mostly niche projects or community‑focused tokens rather than large‑cap names.
| Altcoin | 24‑h price change | Commentary |
|---|---|---|
| Tensor (TNSR) | ▲ ~91 % | A new Solana‑based marketplace token surged on launch hype and limited supply. Volume remains modest and volatility high. |
| Firo (FIRO) | ▲ ~28 % | The privacy‑focused coin gained as traders rotated into anonymity tokens; liquidity is thin so price swings can be sharp. |
| BOB (Build on Bitcoin) | ▲ ~20 % | This experimental DeFi token rallied as developers announced cross‑chain integrations; speculative interest drove the spike. |
| Aster (ASTER) | ▲ ~4 % | A minor layer‑1 token edged higher on staking updates; gains were modest compared with the broader market decline. |
| Stablecoins (USDT/USDC) | ~0–0.2 % | Tether and USD Coin held steady, benefiting from capital preservation flows as traders sought refuge in dollar‑pegged assets. |
Top losers (altcoins)
Major alternative coins were hit hard, with double‑digit drops in some names. Selling pressure intensified as liquidity dried up and leveraged positions were unwound.
| Altcoin | 24‑h price change | Potential drivers |
|---|---|---|
| Near Protocol (NEAR) | ▼ ~14.5 % | Investors locked in profits after NEAR’s recent run‑up; concerns about network congestion and heavy staking unlocks weighed on sentiment. |
| Cardano (ADA) | ▼ ~8.8 % | ADA slipped alongside other smart‑contract platforms as risk appetite waned; developers’ roadmap updates failed to impress traders. |
| Uniswap (UNI) | ▼ ~9.0 % | The leading decentralised‑exchange token fell amid a drop in on‑chain trading volumes and persistent regulatory uncertainty. |
| Sui (SUI) | ▼ ~9.4 % | SUI pulled back sharply, reflecting profit‑taking after its recent listing and general aversion to new projects. |
| Solana (SOL) | ▼ ~8.4 % | SOL gave back earlier gains; although still one of the most active networks, its fast ascent left it vulnerable in a broad risk‑off move. |
Crypto market movements and sentiment
The fall in crypto prices is being driven by a combination of local and global factors. Strong U.S. employment data dashed hopes of imminent monetary easing, prompting bond yields to climb and riskier assets to fall. In India, regulatory headwinds persist as the central bank signals a strict stance on private tokens, favouring the country’s own central‑bank digital currency instead. Traders are also grappling with the hangover from October’s liquidity crunch, when a flash crash wiped out billions in positions and weakened market makers. This week’s slide triggered nearly $1 billion in fresh liquidations, deepening the sell‑off.
Sentiment indicators have dipped back into the extreme fear zone. The crypto Fear & Greed Index sits around 14, while the relative strength index (RSI) for many large tokens hovers near 39, signalling weakness. Analysts note that such mid‑cycle corrections of 20–30 percent are common during bull runs and may offer long‑term accumulation opportunities. However, until macro conditions improve and leverage is flushed out, volatility is expected to remain elevated.
Local and global cues to watch
- Monetary policy: Market expectations for a Fed rate cut in December have diminished. Any hawkish comments from the U.S. Federal Reserve or upside surprises in inflation data could keep pressure on cryptocurrencies. Conversely, signs of easing might provide relief.
- Indian regulation: The Reserve Bank of India continues to prioritise caution on private cryptos and stablecoins. Investors should watch for any announcements in the upcoming budget or economic survey that hint at taxation changes or regulatory frameworks.
- Macroeconomic data: Domestic indices such as the Sensex and Nifty are sensitive to global equity moves. A further sell‑off in technology stocks could spill over into crypto via overlapping investor bases. Keep an eye on the India VIX for volatility signals.
- ETF flows and liquidity: Outflows from Bitcoin and Ethereum exchange‑traded funds have accelerated, with reports citing more than $4 billion exiting spot ETFs since early November. A stabilisation or reversal in flows may help restore confidence.
- Technological updates: Upgrades on major networks like Ethereum’s upcoming scalability improvements or Solana’s performance fixes could reignite interest once macro headwinds fade.
Key coins to watch
- Bitcoin (BTC): Watch the ₹7 lakh support. A sustained move below this level could open room for ₹6.5 lakh, while resistance near ₹8 lakh may cap short‑term rallies.
- Ethereum (ETH): ETH is holding above ₹2.25 lakh; a break below might trigger a slide toward ₹2 lakh. Upgrades to its proto‑danksharding feature later this cycle could be a catalyst.
- Solana (SOL): Despite today’s drop, SOL remains one of the most active networks. Developers are working on new client implementations to enhance stability; positive updates could spur a rebound.
- Near Protocol (NEAR): NEAR’s ecosystem growth has been strong, but large unlocks and network congestion could cause continued volatility. Monitor staking metrics for clues.
Crypto updates and outlook for tomorrow
The next 24 hours are likely to remain choppy. Crypto markets will look to U.S. macro data, including fresh inflation indicators and comments from Federal Reserve officials, for direction. In India, traders will monitor statements from policy makers ahead of the Parliament’s winter session, where a draft crypto bill could be introduced. If global risk sentiment remains weak, Bitcoin could continue to test lower support zones. Conversely, any hint of dovish policy or easing inflation could spark a relief rally.
Overall, caution is warranted. Volatility remains high and liquidity thin. Long‑term investors might view the current environment as an opportunity to accumulate core assets gradually, while short‑term traders should manage risk carefully and avoid excessive leverage.
Top trending coins in India today
Search interest and social media chatter indicate growing attention toward niche tokens despite the broad slump. Tensor (TNSR), Firo (FIRO), BOB (Build on Bitcoin), Aster (ASTER) and Solana (SOL) were among the most‑discussed coins on local trading platforms and forums. Their sharp moves reflect speculative trading rather than fundamental shifts, so caution is advised when considering these names.
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