Bitcoin price hit a six-week high on Wednesday. The price of the world’s most widely used digital asset rose by six percent to reach $93,455 (roughly Rs. 79.8 lakh) on international exchanges, as per CoinMarketCap. On Indian exchanges, Bitcoin’s price jumped by nearly seven percent over the past 24 hours. Data by CoinSwitch and CoinDCX show BTC trading at $93,680 (roughly Rs. 80 lakh). Most altcoins also rose in value on Wednesday, alongside Bitcoin.
“This rally is largely driven by increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million (roughly Rs. 5,984 crore), totalling over $1 billion (roughly Rs. 8,549 crore) in inflows this week alone,” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360. “Another bullish metric is the decline in exchange inflows, suggesting reduced selling pressure, helping build momentum. The Fear and Greed Index now stands at ‘Neutral’, indicating that retail investors are re-entering the markets.”
Ether rose by 14 percent on international exchanges in the last 24 hours. At the time of writing, ETH was trading at $1,800 (roughly Rs. 1.53 lakh) on global platforms. On Indian exchanges, ETH was priced at $1,815 (roughly Rs. 1.55 lakh) on Wednesday.
“ETH continues to trade in a ‘Descending Channel’ and has corrected by almost 65 percent over the past four months. The bulls, however, defended the key support level of $1,350 (roughly Rs. 1.15 lakh). The asset has strong resistance at $1,750 (roughly Rs. 1.49 lakh). Once it breaks and stays above this level, we can expect it to further rally up to $2,100 (roughly Rs. 1.79 lakh),” the ZebPay Trade Desk said.
The crypto price tracker by Gadgets 360 showed the prices of most altcoins were on the rise on Wednesday.
These include Ripple, Solana, Dogecoin, Cardano, and Tron alongside Shiba Inu, Polkadot, Litecoin, Monero, and Polygon among others.
The overall crypto market cap surged by 6.95 percent over the last day to reach $2.94 trillion (roughly Rs. 2,51,25,195 crore), as per CoinMarketCap.
“The US dollar index has hit a three-year low at 98.29, creating favorable macroeconomic conditions for crypto assets. The broader crypto market has responded positively to the development. Adding to the bullish sentiment is the appointment of Paul Atkins as SEC Chairman. His return signals a shift toward a more constructive regulatory approach, with several enforcement actions already rolled back under his leadership. However, caution is advised as volatility may still resurface,” Himanshu Maradiya, Founder and Chairman, CIFDAQ crypto exchange told Gadgets 360.
The prices of Binance Coin, Leo, Stellar, Status, and Ardor dropped on Wednesday.
“Remarks from Treasury Secretary Scott Bessent and former President Trump suggesting a de-escalation in the US-China trade dispute have improved the broader risk environment, lifting both traditional equities and digital assets. AI-focused coins, meme coins, and real-world asset projects are also seeing renewed interest, pointing to a broad-based revival across the crypto landscape,” Riya Sehgal, Research Analyst, Delta Exchange told Gadgets 360.
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