Bitcoin falls nearly 2% to $63,000 as geopolitical tensions weigh on crypto markets

Bitcoin slipped nearly 2% in the past 24 hours to trade at the $63,000 mark on Friday as geopolitical tensions weighed on crypto markets. The cryptocurrency was trading at the $62,907 mark.

Ethereum fell 3.98% in the past 24 hours to trade at the $1,828 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano corrected up to 11.31%.

Vikram Subburaj, CEO of Giottus, said softer U.S. price data reduced expectations of an immediate Federal Reserve rate increase. However, renewed U.S.-Iran hostilities, higher oil prices, and weaker risk appetite limited demand for cryptocurrencies.


Also Read | Polycab India shares fall 4% despite strong Q1 earnings, profit jumps 33% YoY

US spot Bitcoin ETF demand remains volatile. Funds recorded a $424.7 million outflow on July 13, followed by inflows of $181.1 million on July 14 and $107.7 million on July 15. July 16 showed a preliminary $45.7 million inflow, Subburaj further said.

The global crypto market capitalisation edged down 1.67% to $2.18 trillion, according to CoinMarketCap. After witnessing billions in outflows in May and June, Bitcoin ETF flows dump green with nearly $289M inflows. On the other hand, whales continue to accumulate ETH, said CoinDCX Research Team.

In the past week, Bitcoin was down 1.62% and Ethereum was up 3.15%. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell upto 13.83%.

Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin’s rejection from $65,200–$65,500 and decline towards $63,500 signals weakening momentum; below $63,000, the next support lies around $62,300–$61,800. Ethereum has corrected from the $1,910–$1,940 supply zone but remains structurally constructive above $1,790–$1,835.

Market perspective

Nischal Shetty, founder, WazirX: The crypto market remained resilient despite heightened regulatory uncertainty in the U.S. Bitcoin traded near $63,352, while Ethereum held around $1,844, reflecting cautious sentiment after a strong weekly recovery.

Akshat Siddhant, Lead quant analyst, Mudex: Bitcoin pulled back to the $63,500 levels from its three-week high, as a broader sell-off in technology stocks weighed on risk assets, including cryptocurrencies. Despite the decline, on-chain data from Glassnode suggests selling pressure may be easing, with realized losses among long-term holders having peaked and now beginning to decline, a sign that the worst phase of capitulation could be over.

Also Read | Planning retirement & child's education through mutual funds? Expert explains SWP, taxation, portfolio rebalancing

CoinSwitch Markets Desk: BTC remained range-bound between $64K and $65K as on-chain indicators pointed to a gradual reduction in selling from investors who bought near the market peak. Geopolitical uncertainty continues to restrain risk appetite.

Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin is currently trading around $63,600, continuing to hold above an important support zone despite short term fluctuations. Renewed ETF inflows and improving institutional participation indicate that long term conviction remains intact, while the market is increasingly responding to structural demand rather than speculative momentum.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)