Daijiworld Media Network – Ahmedabad
Ahmedabad, Aug 29: The global crypto market came under fresh pressure on Friday, with Bitcoin dipping below the $112,000 mark. At the time of reporting, Bitcoin was trading around $111,920 (approx. Rs 98.06 lakh), down 0.3 percent in 24 hours. Ethereum, however, held firm at $4,452 (approx. Rs 3.9 lac), down 1.4 percent, according to CoinMarketCap data.
Despite the decline, Bitcoin ETFs continued to draw institutional support, registering $115 million (approx Rs 100.3 cr) in inflows for the fourth consecutive day, helping to limit further downside.
Altcoins reflected mixed sentiment in Friday’s trade. Solana rose 2 percent to $215 (approx Rs 18,960), sustaining its bullish trend, while BNB gained 1.3 percent to $874 (approx Rs 77,077). XRP and Cardano remained stable at $3 (approx Rs 264) and $0.86 (approx Rs 75) respectively. Dogecoin hovered at $0.22 (approx. Rs 19), with market watchers predicting a possible breakout.
“Bitcoin is trading range-bound between $111,500 and $113,000 as capital continues shifting into altcoins like Ethereum and Solana. Spot Ether ETFs attracted $1.83 billion in just five days, compared to $171 million for Bitcoin, signaling investor preference,” said Edul Patel, CEO of Mudrex.
CoinDCX research noted that Bitcoin was consolidating between $111,500 and $112,000, while Ethereum hovered near $4,500. Solana breached the $210 mark, moving towards $220, while XRP and ADA remained capped below $3 and $0.9.
Avinash Shekhar, co-founder and CEO of Pi42, said: “Bitcoin is struggling to hold above $112,000 after miners offloaded nearly $485 million worth of BTC in a week, creating supply pressure. Ethereum remains resilient, with strong smart contract activity supporting its march toward the $5,000 milestone.”
Meanwhile, the CoinSwitch Markets Desk highlighted a key regulatory update: “The US Commodity Futures Trading Commission (CFTC) has allowed offshore crypto exchanges to legally serve US clients by registering under the Foreign Board of Trade (FBOT) framework.”
Traders are now watching closely to see if Bitcoin can reclaim $113,000 (approx Rs 99.71 lac) and whether Ethereum can test the $4,700 (approx. Rs 4.14 lakh) level in the coming sessions.