Bitcoin hovers near $63,000 as global risk-off sentiment weighs on crypto markets
Synopsis
Bitcoin hovered around $63,000 as global risk aversion impacted crypto markets, with Bitcoin and Ethereum seeing declines. Major altcoins also slipped, contributing to a 2% drop in the global crypto market cap. Analysts suggest consolidation is underway, with institutional caution and liquidations in derivatives markets reflecting ongoing uncertainty.
Bitcoin traded near the $63,000 mark on Tuesday as global risk-off sentiment weighed on crypto markets. The cryptocurrency was trading at $62,911.
Bitcoin and Ethereum declined 3% and 2% respectively, in the past 24 hours. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid slipped 4%. The global crypto market capitalisation edged down 2% to $2.19 trillion, according to .
Also Read | Tech mutual funds emerge worst performers across horizons. Should investors buy more or stay invested?
Crypto TrackerTOP COINS (₹) Tether91 (0.2%)BNB53,672 (-0.95%)XRP121 (-1.37%)Ethereum166,329 (-2.18%)Bitcoin5,749,552 (-3.12%)Global risk sentiment weakened notably over the past 24 hours, prompting a defensive tilt across equities and cryptocurrencies, according to Riya Sehgal, Research Analyst, Delta Exchange. Institutional flow data highlight continued caution. Persistent outflows from spot Bitcoin ETFs have constrained downside absorption, contrasting with renewed inflows into defensive asset classes.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »In the past week, Bitcoin and Ethereum dropped below 7.5% and 7.6% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid plunged over 13%.
Live Events
Bitcoin continues to consolidate around $64,000 after failing to reclaim the $65,000 mark, said Akshat Siddhant, Lead quant analyst, Mudrex. According to CoinGlass, over $508 million was liquidated in the last 24 hours, as BTC tested the support zone near $63,000.
Siddhant further said that while accumulation trends continue among Whales and public companies, the buying pressure is yet to impact the price movement.
Here is what other analyst say
Vikram Subburaj, CEO, Giottus
Bitcoin remained range-bound on Tuesday and traded in the mid-$64,000 zone. Digital assets continued to lag broader risk markets and crypto price action showed no decisive follow-through on either side. This reinforces the view that crypto is in consolidation rather than trend formation.
Also Read | 9 equity mutual funds deliver over 20% return on lumpsum investments in 1 year. Do you own any?
Nischal Shetty, Founder, WazirX
Crypto derivatives platforms indicated the most liquidations with around $500 million in long positions liquidated amidst geopolitical tensions in the Middle East and macro sentiment around Bitcoin long positions dipping.
