Bitcoin falls 6% to Rs 27.28 lakh as global crypto slides 15%

Bitcoin slipped 6% to Rs 27,28,815 at 3:45 pm on Saturday, June 12, after peaking at Rs 29,00,208 earlier in the day, while the broader crypto market was over 15% lower for the weekend [1]. The drop came amid a sharp sell‑off across major tokens and fresh regulatory pressure from China’s Yunnan province targeting Bitcoin mining electricity use.

Market breadth and token‑specific moves

Ethereum, the second‑largest cryptocurrency, fell 3.35% to Rs 1,84,949, sliding from a day high of Rs 1,90,490 to a low of Rs 1,75,060 [1]. Stablecoin Tether was the only asset in modest positive territory, edging up 0.05% to Rs 77.4716. Meme coins led the losses: Dogecoin dropped more than 5% to Rs 23.869532, and Shiba Inu fell over 10% to Rs 0.000462 [1]. Other major tokens also retreated—Polkadot –9.94%, Binance Coin –6.79%, and Polygon (Matic) down more than 10% [1].

External pressures

The sell‑off coincided with a reported crackdown by Chinese authorities in Yunnan province, where local media said officials are targeting Bitcoin miners for excessive electricity consumption [1]. In India, despite the Supreme Court overturning the RBI’s 2018 ban on banks dealing with crypto, uncertainty lingers over domestic trading activity [1]. Additionally, WazirX, India’s largest crypto exchange, publicly denied receiving a show‑cause notice from the Enforcement Directorate, a claim that had circulated in the media [1].

On‑chain and market sentiment

CoinSwitch Kuber data indicated the overall market contraction of more than 15% over the weekend, underscoring a risk‑averse sentiment among investors [1]. Large‑wallet activity was not detailed in the report, but the breadth of declines across both “blue‑chip” tokens and meme assets suggests a broad pull‑back rather than isolated profit‑taking.

What to watch

• Bitcoin support: Rs 26,50,000 – a level that could test buying interest if the downtrend continues.
• Ethereum resistance: Rs 1,90,500 – the recent day‑high that may act as a ceiling for short‑term rebounds.
• Regulatory developments: Any further statements from Chinese provincial authorities or Indian regulators could add volatility.

The coordinated drop across leading cryptocurrencies highlights how quickly market sentiment can shift when macro‑level pressures emerge, leaving traders to monitor both price thresholds and evolving regulatory signals for the next move.