Leading cryptocurrencies lifted on Wednesday, defying the stock market's decline as the Federal Reserve snapped its interest rate-cutting streak.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Bitcoin BTC/USD | +2.61% | $104,300.32 |
| Ethereum ETH/USD | +1.31% | $3,146.53 |
| Dogecoin DOGE/USD | +1.83% | $0.3304 |
What Happened: Bitcoin reclaimed the $104,000 mark, helped by bullish commentary from Fed Chair Jerome Powell.
Ethereum also registered gains, although it waited for a strong upward breach from $3,200.
The second-largest cryptocurrency has trailed Bitcoin thus far in 2025, recording year-to-date losses of 5.80% as opposed to the apex cryptocurrency's 11% gains.
At the press conference, Powell took a positive stance on cryptocurrencies, praising the ongoing efforts to provide a clear regulatory framework for the industry.
The rally resulted in $257.59 million in cryptocurrency liquidations in the last 24 hours, with the majority being downside bets.
Bitcoin's Open Interest rose by 2.58% in the last 24 hours, indicating an influx of fresh money into its futures market.
However, over 50% of Bitcoin traders took short positions on the asset, according to the Long/Short ratio, suggesting that the market could reverse.
The "Greed" sentiment softened from 72 to 76, according to the reading on the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:15 p.m. ET) |
| Onyxcoin (XCN) | +26.14% | $0.03458 |
| Fartcoin (FARTCOIN) | +20.64% | $0.9892 |
| Jito (JTO) | +12.81% | $3.30 |
The global cryptocurrency market capitalization stood at $3.52 trillion, growing by 1.99% in the last 24 hours.
Stocks edged lower on Wednesday. The Dow Jones Industrial Average lost 136.83 points, or 0.31%, to close at 44,713.52. The S&P 500 slid 0.47%, ending at 6,039.31, while the tech-heavy Nasdaq Composite dipped 0.51% to close at 19,632.32.
The slide came after the Fed kept interest rates unchanged, pausing its monetary easing cycle that began in September.
See More: Best Cryptocurrency Scanners
Analyst Notes: Blockchain analytics firm Santiment weighed in on the cryptocurrency market's rebound and its divergence from stocks.
"They [cryptocurrencies and stocks] have been tightly correlated for much of the past 3 years now, but today is a good sign that cryptocurrencies aren’t entirely fluctuating as simply ‘high leveraged tech stocks’, as many skeptics have been claiming," the research firm said.
Influential cryptocurrency analyst and trader Ali Martinez sounded the alarm about the prospect of a major Ethereum downside.
"Ethereum MVRV has dropped below the 160-day MA once again. The last time this happened was on June 23, 2024, which led to a 40% price correction from $3,500 to $2,100," the analyst remarked.
MVRV, which stands for Market Value to Realized Value, is a ratio used to assess the value of a cryptocurrency by comparing its current market value to its realized value.
Photo by Avi Rozen on Shutterstock
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