2 weeks Ago By Aniket Verma
Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell's remarks poured cold water on rate cut optimism. Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m.
ET) Bitcoin BTC/USD -2.23% $88,282.07 Ethereum ETH/USD -3.
55% $3,091.21 Dogecoin DOGE/USD -4.46% $0.
3726 What Happened : Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours. Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.
89%, significantly trailing its senior partner, which was up over 15%. More than $505 million worth of positions were liquidated in the last 24 hours, with nearly $350 million in upside bets getting wiped out. Bitcoin's Open Interest (OI) dropped 0.
82% in the last 24 hours. A drop in OI, alongside a drop in spot price, also pointed toward long liquidations. That said, the number of traders betting in favor of Bitcoin's price rally rose in comparison to those shorting the asset, according to the Long/Short Ratio.
The "Extreme Greed" sentiment weakened from 88 to 80 as a result of the retrace, according to the Cryptocurrency Fear and Greed Index. Top Gainers (24-Hours) Cryptocurrency Gains +/- Price (Recorded at 7:30 p.m.
ET) Act I: The AI Prophecy (ACT) +32.46% $0.8424 MANTRA (OM) +20.
63% $1.68 XRP (XRP) +13.42% $0.
786 The global cryptocurrency market capitalization stood at $2.92 trillion, declining 1.53% in the last 24 hours.
Stocks closed in the red on Thursday. The Dow Jones Industrial Average slipped 207.33 points, or 0.
47%, to close at 43,750.86. The S&P 500 lost 0.
60% to end at 5,949.17. The tech-focused Nasdaq Composite dipped 0.
64% to 19,107.65, marking its third straight losing day. The sell-offs followed Fed Chair Powell’s statements that the central bank needn't "be in a hurry" to cut rates given the strength of the economy.
The cautious remarks triggered a sharp decline in rate cut expectations during next month's FOMC meeting, from 82% to 59%, according to data from the CME FedWatch tool See More: Best Cryptocurrency Scanners Analyst Notes: Popular cryptocurrency analyst Rekt Capital described Bitcoin dips early on in the price discovery phase as "high-probability opportunities." "As the parabolic phase goes on, however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we’re so early in the parabolic upside phase," the analyst remarked. #BTC dips early on in Price Discovery are high-probability opportunities As the Parabolic Phase goes on however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we're so early in the Parabolic Upside phase $BTC #Crypto #Bitcoin On-chain analytics firm CryptoQuant said that high stablecoin inflows were driving the Bitcoin bull market.
"There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the Bitcoin bull market has not yet ended," the firm said, indicating that more upsides could follow. Bitcoin Bull Market Fueled by Stablecoin Inflows: Will the Uptrend Continue? "There is a continuation of a higher-than-normal influx of stablecoins.
This suggests that barring any additional news flow, the #Bitcoin bull market has not yet ended." – By @theKriptolik Link 👇..
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com/SAEnv6oxUD Photo by CMP_NZ on Shutterstock Read Next: FBI Raids Polymarket CEO Over Crypto Betting Platform’s US Activities — He Fires Back: ‘In The Face Of Adversity, We Build’ © 2024 Benzinga.com. Benzinga does not provide investment advice.
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