Bitcoin Price Today 28 July 2026: BTC at $63,271

Bitcoin is currently trading at $63,247 USD, equivalent to ₹6,067,917 INR, marking a -2.54% change in the last 24 hours. This decline comes as the broader crypto market experiences a downturn, with Ethereum down -3.48% to $1,883 USD (₹180,655 INR) and Solana shedding -4.51% to $73.0 USD (₹7,003 INR).

Core Scientific Pivots to AI Amidst Crypto Sell-off

The cryptocurrency market is experiencing a broad-based decline today, with Bitcoin trading at $63,247 USD (₹6,067,917 INR). This price action occurs as a significant development emerges in the mining sector: Core Scientific is winding down its bitcoin mining operations to focus on Artificial Intelligence data centers, bolstered by a new deal with AMD. This strategic shift highlights the evolving landscape within the digital asset ecosystem, where companies are seeking to diversify beyond pure mining. The termination of its ASIC agreement with Block further underscores this transition. While this news is specific to Core Scientific, it injects a note of caution into the mining sub-sector, potentially influencing investor sentiment towards companies heavily reliant on mining revenue. The broader market’s downward movement, however, appears to be driven by more generalized headwinds affecting risk assets.

USD/INR Dynamics Impacting Indian Crypto Returns

The Indian Rupee is currently trading at ₹95.94 against the US Dollar. For Indian retail investors holding cryptocurrencies denominated in USD, like Bitcoin and Ethereum, this exchange rate plays a crucial role in their realized returns. As Bitcoin falls to $63,247 USD (₹6,067,917 INR) and Ethereum to $1,883 USD (₹180,655 INR), the weakening INR provides a slight buffer against steeper INR-denominated losses. Conversely, if the INR were to strengthen, the Rupee value of these crypto holdings would diminish further, compounding the losses seen in dollar terms. Today’s USD/INR rate means that a -2.54% drop in Bitcoin’s USD price translates to a similar percentage decrease in its INR value, assuming no movement in the exchange rate. However, any appreciation of the dollar against the rupee would partially offset these USD-based losses for Indian investors. The current exchange rate of ₹95.94 indicates that the INR has depreciated significantly over time, and this ongoing trend is a critical factor for Indian investors to consider when evaluating their overall crypto portfolio performance.

Ethereum’s Underperformance in a Downward Market

Ethereum is currently priced at $1,883 USD (₹180,655 INR), showing a notable decline of -3.48% in the past 24 hours. This underperformance is further emphasized by the ETH/BTC ratio, which stands at 0.0298. This ratio indicates that Bitcoin is outperforming Ethereum today, meaning that BTC has seen a smaller percentage decrease or a larger percentage increase compared to ETH. The current reading suggests a continued trend where investors are favoring Bitcoin over Ethereum during this market correction. The ETH/BTC ratio has been a key indicator of altcoin strength relative to Bitcoin, and a declining ratio often signals a risk-off sentiment within the crypto market, with capital flowing back into the perceived safety of Bitcoin. For Indian investors, this means that their Ethereum holdings are not only depreciating in dollar terms but are also losing ground against their Bitcoin investments.

Altcoin Weakness Persists as Market Faces Headwinds

The broader altcoin market is exhibiting weakness today, with Solana trading at $73.0 USD (₹7,003 INR) and down -4.51%. This significant drop in Solana’s price, coupled with Ethereum’s underperformance, suggests that the current market downturn is not confined to Bitcoin but is impacting a wide range of digital assets. The news that Bitcoin’s recent stability hasn’t been enough to spark a broader altcoin rally directly addresses this phenomenon. Investors appear hesitant to allocate capital to altcoins, even when Bitcoin exhibits some degree of steadiness. This cautious approach is further reflected in the general crypto market falling following a slide in memory stocks, indicating a contagion effect from traditional markets into digital assets. The “Morning Minute” report also touches upon this, noting that Strategy is choosing cash and STRC over BTC, and Coinbase is leaning into memes, suggesting a fragmented and uncertain market sentiment where even established players are hedging their bets or exploring niche areas like meme coins. This environment is particularly challenging for altcoins, which typically require strong inflows to maintain momentum.

Navigating ‘Fear’ in the Crypto Market: Historical Accumulation Insights

The Crypto Fear & Greed Index currently stands at 29/100, firmly in the ‘Fear’ territory. Historically, readings within the 25-45 range have often signaled accumulation zones for institutional investors. Both the March 2020 crash and the Q4 2022 period witnessed sustained institutional buying commencing at these levels of market apprehension. Today’s ‘Fear’ reading suggests that market participants are exhibiting a high degree of caution, which aligns with the observed price declines across major cryptocurrencies. For Indian retail investors, this ‘Fear’ reading, coupled with the historical context, presents a potential opportunity. While current price action is negative, sustained institutional buying has historically followed periods of intense fear. The challenge lies in discerning whether the current fear is a precursor to a broader sell-off or an early indicator of a potential bottoming-out phase, paving the way for future accumulation. The significant selling by FIIs in Indian equities today (₹1,688 Cr) adds another layer of complexity, suggesting a broader risk-off sentiment might be at play across asset classes.

FII Outflows and Their Resonance in Digital Assets

Foreign Institutional Investors (FIIs) have been net sellers in Indian equities for the last few sessions, with today’s net outflow standing at ₹1,688 Cr. This consistent selling pressure from FIIs in the traditional markets often correlates with a broader risk-off sentiment that can extend to other asset classes, including cryptocurrencies. While there isn’t direct on-chain data linking FII equity flows to crypto purchases, the macro environment they create is significant. When FIIs withdraw capital from Indian equities, it suggests a global reallocation away from emerging markets or riskier assets. This can indirectly impact the availability of capital for speculative investments like cryptocurrencies, particularly for Indian investors who may be influenced by both domestic and international capital flows. The current FII selling of ₹1,688 Cr, combined with the ‘Fear’ reading in the crypto market, paints a picture of heightened caution among institutional players. This environment makes it less likely for significant capital to flow into riskier digital assets, potentially exacerbating the current downturn.

Understanding Crypto Tax Implications with Current Bitcoin Prices

Let’s consider a hypothetical scenario for an Indian investor looking to understand the tax implications of their Bitcoin holdings, using today’s price of $63,247 USD (₹6,067,917 INR). Suppose an investor decides to sell 0.1 BTC today. The sale value would be $6,324.7 USD, which translates to approximately ₹606,791 INR (using the current USD/INR rate of ₹95.94). As per Indian crypto tax laws, gains from the transfer of virtual digital assets (VDAs) are taxed at a flat rate of 30%, plus applicable surcharges and cess. If this 0.1 BTC was acquired for, say, $30,000 USD (₹2,878,200 INR) a year ago, the capital gain would be approximately $33,247 USD (₹3,189,717 INR). The tax liability on this gain would be 30% of the gain, plus surcharges and cess, amounting to a significant portion of the profit. It’s crucial for investors to maintain accurate records of their purchase and sale prices, including the date and time, to correctly calculate gains and losses for tax purposes. Deductions for costs related to the acquisition or improvement of the VDA are not allowed, and losses from one VDA cannot be set off against gains from another.

Key Levels to Watch for Nifty in Light of Market Trends

The Nifty closed at 23985.35 today, with FIIs being net sellers and DIIS net buyers over the last few sessions. The table below illustrates the recent flow dynamics:

Given today’s FII selling pressure of ₹1,688 Cr, a key support level for the Nifty lies around the 23800 mark, which was tested on July 24th. A decisive breach below this level could trigger further downside, potentially towards the 23500 psychological level. On the upside, resistance is expected around the 24000-24100 band, a level the index has struggled to decisively cross in recent trading sessions. The continued net buying by Domestic Institutional Investors (DIIs) is providing some floor, but the persistent FII outflows remain a concern. The current trend suggests a range-bound movement with a slight bearish bias, contingent on global cues and any shifts in FII sentiment. A sustained break above 24200 would be needed to signal a reversal of the current cautious trend.

Frequently Asked Questions

Q: What did FII buy or sell on 2026-07-24? A: FIIs were net sellers of ₹-3,892.77 Cr on 2026-07-24.

Q: What did DII buy on 2026-07-28? A: DIIs were net buyers of +₹2,329.14 Cr on 2026-07-28.

Q: Is FII buying or selling in July 2026? A: FIIs have been predominantly net sellers in July 2026, showing significant selling pressure on multiple trading days.

Bottom Line

The cryptocurrency market is experiencing a broad decline, with Bitcoin at $63,247 USD (₹6,067,917 INR) and Ethereum at $1,883 USD (₹180,655 INR). This downturn is occurring amidst a backdrop of broader market ‘Fear’, as indicated by the Fear & Greed Index at 29/100, which historically can precede accumulation phases. However, persistent FII outflows in Indian equities, totaling ₹1,688 Cr today, suggest a cautious institutional stance that may also be impacting digital asset markets. Indian investors must monitor the USD/INR rate of ₹95.94 for its impact on their realized returns.