Bitcoin hovers near $80,000 and Ethereum at $2,370 as macro uncertainty and weak institutional flows weigh on crypto markets
AgenciesIn the past 24 hours, Bitcoin was down 1.2% and Ethereum was down 1.1%. Among the major altcoins, XRP, Solana, Hyperliquid, Dogecoin and Cardano corrected upto 2.2% whereas BNB and Tron were up 0.1% and 0.2% respectively.
Riya Sehgal, Research Analyst, Delta Exchange said the pullback has been driven by a combination of macro uncertainty, weakening institutional flows and leveraged positioning.
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The global crypto market capitalisation went down 0.8% to $2.80 trillion, according to the data on Coinmarket cap.
Over the last week, Bitcoin was down 0.8% and Ethereum was down 1.8%. Among the major altcoins, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected upto 5.7% whereas BNB was up 2.5%.
Nischal Shetty, Founder, WazirX said Crypto markets experienced an uneven week, with an initial recovery giving way to renewed selling pressure. Bitcoin traded near $83,460 on October 22 before slipping to approximately $81,198 in the latest snapshot.
“Ethereum also weakened from around $2,452 to $2,388, falling below the psychological $2,400 level and the pullback coincided with weakness in US equities”
Shetty further said that heading into next week, attention remains on energy prices and ETF flows. Persistently elevated oil prices could complicate inflation expectations and weigh on hopes for monetary easing.