Crypto market sees renewed buying as US-China trade tensions ease and short liquidations fuel a sharp recovery.
Bitcoin and Ethereum rebound sharply as investors buy the dip after weekend volatility
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After rallying to new highs last week, the crypto market witnessed a sharp correction as traders booked profits and weighed global macro cues. Bitcoin’s price fell to around $114,800 (roughly Rs. 1.01 crore) after briefly touching the $121,000 (roughly Rs. 1.07 crore) mark on October 10, while Ethereum dropped to $4,100 (roughly Rs. 3.63 lakh). Analysts claim that US President Donald Trump’s announcement of 100 percent tariffs on Chinese goods sent ripples across markets globally and led to widespread liquidations and profit taking, which triggered the decline and sent BTC tumbling. As per the Gadgets 360 price tracker, Bitcoin is currently trading around Rs. 1.02 crore on Indian exchanges, while Ethereum is hovering near Rs. 3.67 lakh.
Altcoins Decline as Market Cools Off After Recent Highs
Various altcoins followed Bitcoin’s correction over the weekend, with XRP dropping to $2.56 (roughly Rs. 227), Solana (SOL) slipping to $195 (roughly Rs. 17,300), and Dogecoin (DOGE) losing ground to $0.20 (roughly Rs. 18). However, Binance coin (BNB) stood out, showing resilience and holding steady at around $1,294 (roughly Rs. 1.15 lakh) despite broader market weakness.
The CoinSwitch Markets Desk highlighted that the decline reflects short-term profit-taking rather than a trend reversal. “ The drop was largely driven by mass liquidations and profit-booking as global risk sentiment weakened. Despite the volatility, markets have shown resilience […] Investors are clearly buying the dip, viewing corrections as long-term opportunities rather than moments of panic,” the desk noted.
Avinash Shekhar, Co-Founder and CEO of Pi42, said the pullback was part of a broader recalibration. “Bitcoin’s breakout past $114,000 (roughly Rs. 1.01 crore) and Ethereum’s 6 percent surge suggest that crypto markets are rapidly pricing in a thaw in US-China tensions. What appeared as a violent liquidation event is now being recalibrated as a strategic pause, a moment where miscommunications and headline risk had exaggerated downside,” he told Gadgets 360.
Despite the drop, on-chain indicators remain strong, according to Mudrex CEO Edul Patel. “Hopes of possible de-escalation talks between the US and China, along with $259 million (roughly Rs. 2,296 crore) in short liquidations, have eased selling pressure, fueling the rally […] Any dovish signal from Jerome Powell on rate cuts during his Wednesday speech could further strengthen Bitcoin’s upward trajectory,” he said.
The CoinDCX Research Team pointed out that altcoins are largely in a consolidation phase, the altcoins are displaying strength, with Ethereum sustaining above $4100 (roughly Rs. 3.63 lakh) and BNB above $1200 (roughly Rs. 1.06 lakh) […] The top gainers include Dash with over a 51 percent jump, followed by Bittensor by 35.15 percent and Mantle by 26 percent,” the team said.
The US President’s announcement of tariffs on Chinese goods rattled the world’s risk tolerance and caused a steep sell-off in cryptocurrency, which in turn caused the recent volatility. However, with signs of easing trade tensions and hopes of possible US-China dialogue, traders believe the worst of the panic may be over.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Cryptocurrency Prices across Indian exchanges
