Bitcoin traded near $76,000 and Ethereum near $2,240 mark as falling tech shares, concerns over AI and data-center spending, and uncertainty around U.S. crypto legislation weighed on crypto markets. The cryptocurrency was trading at $76,036 mark and Ethereum was at $2,244 mark.In the past 24 hours, Bitcoin and Ethereum were up 0.6% and 0.8% respectively. Among the major altcoins, BNB, Solana, Hyperliquid, Dogecoin, and Cardano gained upto 1.8% whereas XRP and Tron corrected 1.3% and 0.1% respectively.Also Read | SIFs gain investor traction with over Rs 38,000 crore in assets.
Should investors add them to their portfolios this Diwali?Riya Sehgal, Research Analyst, Delta Exchange said that the October U.S. jobs report showed 165,000 jobs added, above the roughly 65,000 forecast. Unemployment was 4.1%, and wages rose 0.4% month over month, which may reduce expectations for near-term rate cuts.ETF outflows slowed Friday. U.S. spot Bitcoin funds saw $51.7 million in outflows and Ether funds $1.9 million, compared with Thursday’s $430 million and $100 million, respectively, Sehgal also said.Holding support may bring consolidation, reclaiming resistance would support a recovery, Sehgal further added.The global crypto market capitalisation went up 0.4% to $2.64 trillion, according to the data on Coingecko.Over the last week, Bitcoin was down 1.7% and Ethereum was flat.
Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected upto 10.9%.Harish Vatnani, Country Head – India, ZebPay said that over the past week, the crypto market stayed under pressure as the aftermath of the Binance security incident, heavy ETF outflows and a sharp sell-off in US technology stocks outweighed a brief post-election rally.“Sentiment swung back into fear, with the Fear & Greed Index dropping from 50 to 28 and total crypto market capitalisation slipping to about $2.6 trillion.
US spot Bitcoin ETFs saw heavy selling after the Binance incident. ETF demand has not been enough to offset the sell-off, and the slump in AI and chip stocks and profit-taking after the election rally have pushed risk assets lower.”Also Read | Quant Small Cap Fund adds Jio Platforms and 4 others; increases stake in Adani Power, 5 moreVatnani further said that BTC is now about 40% below its all-time high of around $126,000 set in early October 2025 and trades just above the $75,000 support, which is also the area of the September low.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of The Economic Times)
