Leading cryptocurrencies dipped on Tuesday even as Federal Reserve Chair Jerome Powell made remarks seen as favorable for the industry during a Senate hearing.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | -1.92% | $96,012.26 |
| Ethereum ETH/USD | -3.34% | $2,607.85 |
| Dogecoin DOGE/USD | -1.87% | $0.2531 |
What Happened: Bitcoin started to slide in the morning hours and hit an intraday low of $94,875.04 before recovering to $96,000 late evening.
Ethereum fell back to the $2,600 zone a day after breaching $2,700. The two leading assets were down 2.61% and 5.19%, respectively, over the week.
In a significant development, Fed Chair Powell assured to "take a fresh look" at debanking, which the cryptocurrency industry had complained about during the previous administration.
Powell also stated that the Fed won't develop a central bank digital currency under his watch during his testimony before the Senate Banking Committee.
Meanwhile, cryptocurrency liquidations reached $228 million over the last 24 hours, with long liquidations accounting for $154 million.
Bitcoin's Open Interest rose by 1.49% in the last 24 hours. A rise in Open Interest, coming alongside a price drop, indicated the opening of new short positions.
That said, the number of traders betting on Bitcoin's price increase was still higher than targeting price declines, according to the Long/Short ratio.
Market sentiment returned to the "Fear" zone, according to the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Virtuals Protocol (VIRTUALS) | +6.57% | $1.32 |
| Cardano (ADA) | +5.60% | $0.7785 |
| Bittensor (TAO) | +3.90% | $410.60 |
The global cryptocurrency market capitalization stood at $3.15 trillion, declining by 1.68% in the last 24 hours.
Stocks were a mixed bag on Tuesday. The Dow Jones Industrial Average rose 123.24 points, or 0.28%, to close at 44,593.65. The S&P 500 eked out a narrow gain of 0.03%, ending at 6,068.50. The tech-heavy Nasdaq Composite, on the other hand, fell 0.36% to close at 19,643.86.
Investors parsed comments from Powell that the Fed was not in a hurry to lower interest rates.
The focus now shifts to the crucial consumer price index report, slated for release on Wednesday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez noted Bitcoin's accumulation trend score was close to zero, indicating that the apex digital asset was undergoing consolidation.
"A shift in demand here could set the stage for the next big move," the analyst predicted.
Another widely followed analyst, Rekt Capital, stated that Bitcoin needs a daily close above $97,700 or reclaim the level as support to justify a bullish move toward $101,000.
Photo by SvetlanaParnikova on Shutterstock
Read Next:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
