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The Bitcoin price has fallen below ₹75 lakh in India amid increasing selling pressure in the global markets. As rising oil prices, higher US yields, and growing inflation concerns are weighing on risk assets, Bitcoin and other cryptocurrencies are facing renewed pressure. At the same time, the weakening rupee is helping cushion this drop in India.
Bitcoin Price in India Falls Below ₹75 Lakh
As per current reports, the Bitcoin price has fallen below ₹75 lakh in India. This is mainly because of the rising selling pressure across the global crypto market. Amid rising oil prices, higher US yields, and inflation risks, investors are showing a risk-off sentiment, turning away from assets like Bitcoin. This has significantly impacted the $BTC price, with the coin declining below key levels.
Weak Rupee Cushions $BTC’s Decline for Indian Investors
It is worth noting that the Bitcoin price’s decline in terms of USD is not fully reflected in India. Indian investors usually track the value of $BTC in INR. As the rupee has also weakened against the dollar, it is now trading at around ₹95.10 per dollar. Thus, the value of $BTC in rupees is comparatively higher than the Bitcoin price in dollars. This means that the weaker rupee is cushioning some of the crypto’s decline for Indian investors.
$USDT Above ₹95 Shows the Currency Effect
To understand the cushioning effect of the weakening dollar, the example of $USDT could be used. $USDT is currently trading in India above ₹95. $USDT is a stablecoin that tracks the value of the US dollar. Its INR value rises when the rupee loses value against the dollar. Now, $USDT and other dollar-backed assets are becoming more expensive in India as the rupee continues to weaken. The same effect could be seen in the $BTC price in INR. This is mainly because Bitcoin is often valued in terms of dollars.
Dogecoin, $XRP and Solana Record Steeper Losses
Alongside the fall in the Bitcoin price, there has been a general downtrend in the entire crypto market, with tokens such as Dogecoin, $XRP, and Solana showing signs of bearishness. Due to their sensitivity to global factors such as the $100 oil price and inflation, they have fallen sharply. According to CoinGecko data, $XRP/INR is priced at ₹132.37 with a 3% fall in a day. Simultaneously, Solana has a value of ₹9,705.54 with a 2.5% decrease, while Dogecoin is priced at ₹8.18 with a 5% fall.
$NEAR and Zcash Defy the Broader Market Decline
However, some other cryptos are providing encouraging performance in spite of the overall market decline. For instance, $NEAR and Zcash are outperforming, whereas Bitcoin, along with other prominent cryptocurrencies, are recording losses. With $NEAR priced at ₹236.90, which is 6.9% higher, Zcash is recorded at ₹117,195 with an impressive 50% increase for the week.
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Can Bitcoin Reclaim ₹76 Lakh?
As per CoinGecko data, $BTC is currently valued at ₹7,461,692 in India. This downtrend follows days of a positive trend. However, the next move will largely depend on the potential buying and selling activities in the global market. If sellers continue to overpower buyers, the selling pressure will lead to further losses in the Bitcoin price. If the Bitcoin price needs to reclaim the ₹76 lakh level, oil prices should decline, and inflation pressure should ease.
Source: cryptonews.net