Daijiworld Media Network – New Delhi
New Delhi, Sep 11: Bitcoin regained momentum on Thursday, surging past $114,000 (approx. Rs 1 crore), buoyed by softer-than-expected US producer price index (PPI) figures that rekindled hopes of a US Federal Reserve rate cut. Ethereum also strengthened, trading at $4,400 (approx. Rs 3.8 lakh), as per CoinMarketCap.
Institutional inflows further lifted sentiment, with Spot Bitcoin ETFs recording nearly $1 billion (approx. Rs 8,824 crore) in net inflows this week. On Indian exchanges, Bitcoin was quoted at Rs 99.8 lakh, while Ethereum hovered near Rs 3.8 lakh.
Solana (SOL) traded at $223 (approx. Rs 19,600), Dogecoin (DOGE) at $0.25 (approx. Rs 22), XRP at $3 (approx. Rs 264), and Binance Coin (BNB) at $897 (approx. Rs 79,100). Most altcoins remained steady as traders awaited further macroeconomic cues.
Edul Patel, CEO of Mudrex, said: “Bitcoin has gained strong momentum, trading near $114,000 after cooler-than-expected PPI data at 2.6 percent boosted hopes for a rate cut. A decisive break above $115,000 could drive BTC towards $118,300 (Rs 1.04 crore).”
Adding to the sentiment, CoinSwitch Markets Desk noted that Spot Ethereum ETFs ended a six-day outflow streak with $44.16 million (Rs 389 crore) in inflows on September 9, led by BlackRock’s ETHA. Bitcoin ETFs also posted inflows worth $23.05 million (Rs 203 crore).
Pi42 CEO Avinash Shekhar underlined investor sentiment: “Bitcoin’s renewed surge underscores the deepening confidence and liquidity flowing into digital assets. This type of momentum often sparks a ripple effect across the broader market.”
The CoinDCX research team added: “The overall market sentiment is improving, hinting at a bullish weekend. Meanwhile, the SEC has delayed its decision on Franklin Templeton’s XRP and SOL ETFs to November 14, even as Chainlink’s Data Streams went live on Sei, offering institutional-grade data feeds.”
With Bitcoin eyeing the $115,000 mark, analysts suggest that if momentum holds, the digital asset could rally towards $118,300 in the coming sessions. Ethereum remains firm near $4,400, while altcoins display stability. Investors now await clarity on whether crypto markets can sustain their bullish tone into the weekend amid a favourable macro backdrop.