Bitcoin, Ethereum, XRP, Dogecoin Slide Into Red As Q1 GDP Slides Into Contraction

Zinger Key Points

Cryptocurrency markets turned red on Wednesday as rising recession fears in the U.S. weighed on risk assets.

CryptocurrencyPrice   Gains +/-
Bitcoin BTC/USD$94,087.28-1.4%
Ethereum ETH/USD$1,786.44-2.1%
Solana SOL/USD$145.61-2.8%
XRP XRP/USD$2.18-4.7%
Dogecoin DOGE/USD$0.1714-4.2%
Shiba Inu SHIB/USD$0.00001320 -3.7%

Notable Statistics:

  • IntoTheBlock data shows large transaction volume increasing by 3.5% and daily active addresses falling by 10.1%. Transactions greater than $100,000 are down from 10,589 to 10,199 in a single day. Exchanges netflows are down by 407.8%.
  • Coinglass data reports 162,816 traders were liquidated in the past 24 hours for $380.67 million.
  • Crypto chart analyst Ali Martinez noted that capital inflows into the crypto market spiked from $1.5 billion to $15 billion in ten days.
  • In another X post, Martinez highlighted the Bitcoin Accumulation Trend Score being close to 1, implying larger entities, or a significant portion of the network, actively accumulating.

Notable Developments:

Top Losers:

CryptocurrencyPrice   Gains +/-
Pudgy Penguins PENGU/USD$0.01060-8.6%
Virtuals Protocol VIRTUAL/USD $1.33-8.3%
Bonk BONK/USD$0.00001902-7.9%

Trader Notes: Crypto trader Kaleo highlighted that Bitcoin has just set a new all-time high relative to the Nasdaq, breaking above its 2021 peak.

BTC is now consolidating near those levels, a bullish sign suggesting it's primed for another breakout. Momentum favors further upside, and this looks like the start of a major outperformance leg, Kaleo noted.

More Crypto Online offered a technical perspective, observing that Bitcoin remains in consolidation.

The current structure resembles a wave B correction, which typically precedes a stronger wave C move to the upside.

A minor final dip within wave B would be “healthy,” with the broader setup still leaning bullish as long as key support holds.

Meanwhile, Titan of Crypto noted Bitcoin is tightly range-bound between $92,800 and $95,800, awaiting a decisive move.

Despite the lack of a breakout, the steadily rising Tenkan line (a key Ichimoku indicator) reflects increasing buyer strength.

If this trend continues, Titan says a bullish breakout is the more likely outcome.

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