Daijiworld Media Network- Mumbai

Mumbai, Sep 5: The global cryptocurrency market opened Friday on a cautious yet steady note, as traders weighed expectations of upcoming US Federal Reserve policy decisions against continued demand for exchange-traded funds (ETFs).

According to CoinMarketCap, Bitcoin was trading at $111,500 (approx. Rs 98.4 lakh), while Ethereum held firm at $4,300 (approx. Rs 3.8 lakh). Analysts suggest Ethereum’s falling reserves and supply limitations could push it towards the $5,000 (Rs 4.4 lakh) mark in the near term.

On Indian exchanges, Bitcoin was priced at Rs 98.4 lakh, and Ethereum at Rs 3.8 lakh.

Among altcoins, Solana (SOL) traded at $204 (Rs 18,000), Dogecoin (DOGE) at $0.21 (Rs 18.5), XRP at $2.82 (Rs 249), Binance Coin (BNB) at $846 (Rs 74,500), and Cardano (ADA) at $0.82 (Rs 72). Market moves were modest, with Solana and XRP under slight pressure, while Dogecoin and Cardano saw selective buying interest.

Market Outlook

Avinash Shekhar, Co-Founder & CEO of Pi42, said the crypto market is in a cautious phase, balancing “fear and appetite.” He noted that Bitcoin’s ability to hold above $120,000 (Rs 1.5 crore) depends heavily on Fed rate cut expectations. “Robust ETF flows have softened September weakness and buffered price action,” he added.

Edu Patel, CEO of Mudrex, highlighted that Bitcoin is consolidating in the $107,000–$113,000 (Rs 94–99 lakh) range after weak US labour data. “The Federal Reserve’s September 16-17 meeting will be pivotal. A sustained move above $112,000 (Rs 98 lakh) could restore bullish momentum, while a drop below $100,000 (Rs 83 lakh) could invite pressure,” he said.

Analysts believe the Fed’s policy stance will remain the key driver in the coming weeks. A breakout above $113,000 may strengthen Bitcoin’s bullish outlook, while Ethereum reclaiming $4,600 (Rs 4 lakh) would further boost investor confidence.