Bitcoin holds steady near $118,500 as Ethereum Leads gains on ETF Inflows
Tired of too many ads?
Remove Ads
Ethereum leads with ETF boost
Crypto TrackerPowered By
TOP COINS
TOP COIN SETS Ethereum
3,38,662 (
1.74 %) Buy XRP
276 (
1.43 %) Buy Bitcoin
1,03,98,251 (
0.71 %) Buy BNB
70,445 (
0.69 %) Buy Solana
15,867.03 (
0.23 %) Buy
Bitcoin steadies despite Fed-triggered volatility
Tired of too many ads?
Remove Ads
Regulatory backdrop: Clarity but few specifics
Mixed Altcoins
The cryptocurrency market showed resilience on Thursday with Bitcoin (BTC) stabilising above the $118,500 mark and Ethereum (ETH) gaining ground, bolstered by renewed institutional interest and strong ETF inflows As of 12:14 pm IST, Bitcoin was trading at $118,565, up 0.26%, while Ethereum rose 1.11% to $3,868, according to data from CoinMarketCap. The global crypto market capitalisation climbed 0.28% to reach $3.89 trillion.Ethereum outperformed Bitcoin, supported by a surge in spot ETF inflows — jumping to $219 million, even as Bitcoin ETF inflows halved from nearly $157 million to just $80 million. This shift in capital suggests growing institutional preference for ETH, further strengthened by developments such as ETH Strategy's $46.5 million fundraise and BTCS Inc.'s $2 billion Ethereum treasury expansion.'Ethereum is strengthening above $3,820, backed by institutional moves,' said Riya Sehgal, Research Analyst at Delta Exchange. 'The market appears to be in a consolidation phase, with traders cautiously optimistic about Ethereum's upside.'The broader market was reacting to the Federal Reserve's decision to hold interest rates steady at 4.25%–4.50% for the fifth consecutive time. Although this was largely expected, markets saw volatility spike immediately after the announcement, leading to nearly $200 million in leveraged liquidations as Bitcoin briefly dipped below $116,000 before recovering.'Bitcoin continues to show impressive strength above $118,000, despite macro uncertainty,' said Shivam Thakral, CEO of BuyUcoin. 'While the Fed's stance remains hawkish, the crypto market seems better prepared to absorb economic shocks.'Technical indicators suggest Bitcoin remains range-bound, with resistance near $119,000–$120,000 and support at $116,000, according to CoinSwitch Markets Desk. Momentum signals are mixed, pointing to further sideways movement unless a breakout occurs.Alongside the Fed decision, the White House released a 163-page crypto strategy report, outlining policy proposals under the GENIUS and Clarity Acts, pushing for CFTC oversight of non-security tokens, and discouraging a U.S. CBDC. However, details on the Strategic Bitcoin Reserve remained unclear.'The macro backdrop, regulatory clarity, and growing adoption continue to favor long-term upside,' noted Sathvik Vishwanath, Co-Founder and CEO of Unocoin. 'A breakout above $120,000 could push Bitcoin toward $125,000–$130,000, while a drop below $111,000 could trigger deeper corrections.'The altcoin space was divided, with XRP, Sui, Stellar, Chainlink, Hedera, Litecoin, and Toncoin trading up between 0.2% and 4.5%. On the flip side, BNB, Solana, Dogecoin, Tron, Cardano, and Avalanche witnessed declines.While sentiment remains cautiously bullish across the board, traders are keeping a close eye on macro developments — including rising geopolitical tensions and potential disruptions from U.S. tariff policies under former President Trump.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
36 minutes ago
- Mint
Stock market this week: RBI MPC meeting, India-US trade deal, Q1 earnings among top triggers for Dalal Street
Indian stock markets closed sharply lower on Friday, August 1, as widespread selling marked the start of the August derivatives series. Investor sentiment was weighed down by concerns over tariffs, disappointing earnings, and continued foreign fund outflows. The Sensex declined by 586 points, or 0.72 per cent , to close at 80,599.91, while the Nifty 50 dropped 203 points, or 0.82 per cent, ending the session at 24,565.35. Broader market indices saw steeper declines, with the BSE Midcap index slipping 1.37 per cent and the Small-cap index falling by 1.59 per cent. "Domestic equity market navigated a volatile week marked by heightened uncertainty surrounding trade negotiations and subdued earnings. The market oscillated between cautious optimism and defensive positioning, ultimately ending lower due to a persistent FII outflow. With global headwinds, investors showed a preference for domestically driven stories with non-discretionary appeal, as broader sentiment turned selective. FMCG stocks stood out, benefiting from attractive valuations and insulation from external shocks, particularly amid escalating tariff threats. Globally, markets remained under pressure due to rising US inflation and hawkish signals from the Fed and BoJ, dampening hopes of immediate easing of interest rates, which weighed heavily on emerging markets. Going forward, investors will closely monitor the upcoming RBI rate decision next week, while the risks remain tilted to the downside. A stable inflation outlook, potential progress in trade talks, and selective strength in domestic sectors are anticipated to lay the groundwork for a recovery," said Vinod Nair, Head of Research, Geojit Investments Limited. Equity benchmark indices declined for the fifth straight week amid ongoing selling pressure, global uncertainties, and a cautious market mood. Both the Nifty and Sensex experienced significant volatility before ending the week with steep losses at 24,512.20 and 80,218.52, respectively. On the Nifty outlook next week, Rupak De, Senior Technical Analyst at LKP Securities, said, "Nifty witnessed another sharp decline as it failed to reclaim the 200-DMA on the hourly chart, despite a strong recovery on Thursday. Throughout the day, the index remained below the 50-EMA on the hourly timeframe. On the daily chart, it has broken below the recent consolidation support at 24,600. Sentiment remains weak, with the potential for the correction to extend towards 24,400–24,450. A further decline is likely if it slips below 24,400; otherwise, a recovery can be expected. On the higher side, resistance is seen at 24,600–24,650 and 24,850." Meanwhile, on the Bank Nifty outlook, Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said, ' The Bank Nifty continues to show signs of weakness, with the zone of 55,550 to 55,150 acting as a crucial support area. A breakdown below 55,150 could accelerate the selling pressure and drag the index lower towards the next key support at 54,500. On the upside, Resistance on bounce backs is seen at 56000 and 56500.' The Reserve Bank of India (RBI) monetary policy committee (MPC) meeting has been rescheduled to August 4 to August 6 from previously announced schedule of August 5–7, 2025. ' At the domestic level, all eyes will be on the Reserve Bank of India's monetary policy meeting on August 6, where the central bank's commentary on inflation, liquidity, and growth outlook will be keenly watched,' said Ajit Mishra – SVP, Research, Religare Broking Ltd. With the India-US trade agreement still pending, the United States has implemented a 25% reciprocal tariff on Indian goods effective August 1, 2025. In addition, India could face further penalties due to its trade relations with Russia. As a result, the tariff advantage India enjoyed under the April announcements has now reversed. India is now subject to higher tariffs compared to several Asian counterparts — Vietnam at 20%, Indonesia at 19%, and South Korea at 15%. In response, the Indian government is contemplating imposing a digital tax on American tech giants such as Microsoft, Google, Meta, and Amazon. Despite this, both nations — particularly U.S. President Donald Trump — remain dedicated to pursuing discussions aimed at a potential India-U.S. trade agreement. More than 900 companies have reported their financial results for the quarter ending on June 30, 2025. However, the earnings season is yet to be over as several marquee companies like Bharti Airtel, DLF, Bajaj Auto, Hero MotoCorp, Tata Motors, SBI, LIC etc. will be declaring their results in the upcoming week. The IPO buzz in the primary market is all set to continue in August 2025 also as 11 new public issues - 3 in mainboard and 8 in SME segment - are all set to open for subscription in the coming week. Apart from new IPOs, the market will also witness listing of 11 IPOs in the upcoming week. Amid the combined impact of three major setbacks — a disappointing Q1 earnings season, the imposition of a harsh 25% tariff on Indian goods by Donald Trump, and the surge of a strong US dollar — foreign institutional investors (FIIs) have been aggressively offloading Indian stocks for nine consecutive trading sessions, with total outflows reaching a massive ₹ 27,000 crore. Oil prices fell by around $2 per barrel on Friday due to concerns over a potential production hike by OPEC and its allies, coupled with a disappointing U.S. jobs report that raised fears about weakening demand. Brent crude futures closed at $69.67 per barrel, dropping $2.03 or 2.83 per cent, while U.S. West Texas Intermediate (WTI) crude ended the session at $67.33 per barrel, down $1.93 or 2.79 per cent. Gold prices climbed nearly 2% on Friday, reaching a one-week high, as softer-than-expected U.S. payroll data strengthened expectations of a Federal Reserve rate cut, while new tariff announcements increased demand for safe-haven assets. Spot gold rose by 1.8% to $3,347.66 per ounce as of 1:48 p.m. ET (17:48 GMT), after briefly gaining as much as 2% earlier in the day. For the week, bullion posted a 0.4% increase. According to Ajit Mishra – SVP, Research, Religare Broking Ltd, the Nifty's close below the 24,600 mark confirms a bearish bias, with the short-term structure suggesting scope for further downside unless a strong rebound materializes. ' The index now finds immediate support near the 24,450 zone, and a breach below this level may accelerate the decline toward 24,180, which coincides with the long-term 200-day exponential moving average (DEMA). In the event of a recovery, the 24,800 level would act as the first resistance, followed by a significant hurdle around the 25,000–25,250 zone,' Mishra said. On the Bank Nifty outlook, Mishra further said that the index is also gradually trending lower despite visible strength in heavyweight constituents like ICICI Bank and HDFC Bank. ' Going forward, the 54,500–55,100 zone is likely to provide support in case of further declines, while the 56,500 mark, aligned with the 20-day EMA, will act as the first major resistance. Only a decisive move above 57,400 can revive bullish sentiment in the banking space,' Mishra added. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
7 hours ago
- Time of India
Cryptocurrency Live News & Updates : Is 'Chokepoint 3.0' Targeting Crypto Banks?
02 Aug 2025 | 11:35:12 PM IST Big banks are allegedly implementing 'Operation Chokepoint 3.0' by imposing high fees on fintech and crypto services, according to a16z's Alex Rampell. Recent discussions in the crypto space highlight significant challenges posed by traditional banks. Alex Rampell from Andreessen Horowitz warns that banks are charging exorbitant fees for accessing account data and transferring funds to crypto platforms, which could stifle competition. This follows the previous 'Chokepoint 2.0' era, where crypto businesses faced debanking pressures. Meanwhile, ONDO is currently testing critical support levels, with a potential bullish reversal if it holds above $0.83. In the corporate finance arena, Michael Saylor's Strategy has launched a Bitcoin-backed preferred stock, STRC, raising $2.5 billion, which he likens to an 'iPhone moment' for the firm. Lastly, Pepeto is emerging as a notable memecoin within Ethereum's ecosystem, combining meme culture with practical tools like zero-fee exchanges. As Chainlink experiences price fluctuations, whale activity suggests potential recovery, with a notable increase in holdings. These developments underscore the dynamic interplay between traditional finance and the evolving crypto landscape. Show more
Time of India
13 hours ago
- Time of India
Amid Trump tariff threat, PM pledges to protect farmers, MSMEs & youth
1 2 Varanasi: Amid the tariff stalemate with the USA, Prime Minister Narendra Modi on Saturday sent a strong message to the world that protecting India's economic interest was paramount. Speaking in his parliamentary constituency on Saturday, the PM emphasised that the "top priority of the government remains the welfare of farmers, small industries and employment for youth." He reaffirmed the resilience of the Indian economy, saying that the country must remain vigilant about its economic interests and adopt 'swadeshi' products. "There is an atmosphere of global instability. All countries are focusing on their individual interests. India is going to become the third biggest economy in the world and this is why India will have to stay alert as far as its economic interests are concerned," the PM said, two days after UP President Donald Trump called India a 'dead economy'. CM Yogi Adityanath and two deputy CMs, Keshav Maurya and Brajesh Pathak were present on the occasion. Addressing a public gathering at Kalikadham in Sevapuri after transferring Rs 20,500 crore directly into the bank accounts of over 9.70 crore farmers as the 20th installment of the PM-Kisan Samman Nidhi scheme and inaugurating and laying the foundation of 52 projects worth around Rs 2,200 crore, the PM urged people to go 'Vocal for Local'. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How to Trade ETH/USD Without Holding Ether IC Markets Learn More Undo "Anyone who wishes good for the country and wants to see India become the third-largest economy must encourage this spirit of going local," he said. The PM urged traders to promote 'swadeshi' products, terming it a true national service, and appealed to citizens to use Indian-made goods during the upcoming festivals and wedding seasons. He also advised people to hold weddings in India instead of abroad, highlighting that many young people were already doing so. "Every choice we make in favour of 'Swadeshi' will shape the future of the country. With everyone's effort, the dream of a developed India will come true. From now on, let's pledge to buy and decorate our homes with only Indian-made products," he added. Modi highlighted his government's farmer-centric policies, stating that unlike previous governments, the BJP administration has fulfilled its promises to farmers, citing the PM-KISAN Samman Nidhi as a prime example. "When this scheme was launched, opposition parties like the Samajwadi Party and Congress left no stone unturned to mislead farmers by claiming that after the 2019 Lok Sabha election, it would be stopped and even the money transferred into the accounts of farmers would be taken back. However, Rs 3.75 lakh crore has been transferred directly to farmers' accounts so far," he said. In UP alone, 2.5 crore farmers have received over Rs 90,000 crore, while farmers from Kashi got Rs 900 crore, he added. Referring to the transparency maintained in the schemes of his govt, Modi said, "There are no cuts, commissions, or middlemen. We created a permanent system where there's no leakage and no one can steal the rights of the poor." Prime Minister Modi emphasized developing the most backward regions with his mantra of 'High priority to more backward'. He highlighted the newly approved PM Dhan Dhanya Agriculture Scheme, focusing on underdeveloped districts with low crop production and income. He said the govt will invest Rs 24,000 crore in this scheme to support farmers from 'lab to field' and 'seed to market' for their products. Massive investments are being made in irrigation, and under the PM Fasal Bima Yojana, over Rs 1.75 lakh crore in claims were already paid out to farmers. Modi also mentioned a record increase in the MSP for farmers. Emphasising the govt's focus on boosting women's participation in agriculture through initiatives like Lakhpati Didi and Drone Didi, he stated that the aim is to empower 3 crore rural women financially, with over 1.5 crore already becoming Lakhpati Didis. Taking a subtle dig at the opposition, the PM said: "Hearing these numbers, SP leaders might just hop on their cycles and run away. " Despite agriculture being a state subject, the Centre has taken proactive steps to enhance farmers' income and living standards by implementing beneficial schemes, PM Modi said. He praised banks for launching a mega campaign and holding fairs in villages across the country for KYC renewal of the account holders under the Jan-Dhan scheme on the completion of its 10 years of launching. Modi also marked the distribution of assistive devices under the Rashtriya Vayoshri Yojana to 2,000 Divyangs by handing over devices, including low vision glasses to Babli Kumari (visually impaired student), sports wheelchairs to Santosh Kumar Pandey and Vikas Kumar Patel, hearing aids to Kishun, and a motorized tricycle to Sita Kumari Pal (teacher). Union agriculture minister Shivraj Singh Chouhan joined the event virtually from Patna. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
