Leading cryptocurrencies lost their early gains on Thursday as investors awaited the release of crucial inflation data.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | +0.03% | $104,582.18 |
| Ethereum ETH/USD | +3.95% | $3,267.77 |
| Dogecoin DOGE/USD | +0.05% | $0.3308 |
What Happened: Bitcoin broke through $106,000 in the morning before falling back to the $104,000 region. Popular dog-themed meme coin Dogecoin witnessed a similar price pattern.
Ethereum, on the other hand, sustained its gains, rising nearly 4% in the last 24 hours.
About $86 million in short bets were wiped out in the last 24 hours, out of a total of $143 million in cryptocurrency liquidations.
Interestingly, traders placing short bets on Bitcoin rose against those gunning for price increases, according to the Long/Short Ratio.
That said, if Bitcoin reclaims its all-time high, more than $530 million in short positions will be liquidated.
"Extreme Greed" emotion dominated the market, according to the reading on the Crypto Fear & Greed Index, sparking concerns of a further correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| DeXe (DEXE) | +30.15% | $20.80 |
| JasmyCoin (JASMY) | +29.66% | $0.03193 |
| Arweave (AR) | +27.44% | $16.46 |
The global cryptocurrency market capitalization stood at $3.57 trillion, growing by 1.92% in the last 24 hours.
Stocks closed in the green on Thursday. The Dow Jones Industrial Average added 136.83 points, or 0.38%, to close at 44,882.13. The S&P 500 gained 0.53% to end at 6,071.17. The tech-focused Nasdaq Composite popped 0.25% to 19,681.75.
The uptick came as investors parsed the earnings of the "Magnificent 7" companies. Shares of Tesla Inc. TSLA and Meta Platforms, Inc. META rose 2.87% and 1.55%, respectively.
The focus now shifts to Friday's personal consumption expenditures index report, considered the Federal Reserve's preferred inflation gauge.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst and trader Ali Martinez emphasized the "critical importance" of $97,877 for Bitcoin, stating that a sizable amount of the apex cryptocurrency was scooped at this level.
"If it holds, the bull run could continue," Martinez predicted. "However, a break below $97,877 and $91,700 could put the entire bull market in jeopardy."
Another influential cryptocurrency trader, Michaël van de Poppe, ruled out the possibility of Bitcoin having 30% corrections this cycle.
"The markets become larger, through which a lot more liquidity is added and Bitcoin becomes more ‘boring’. Just a gradual upward pace," the trader noted.
Van De Poppe forecast that a Bitcoin peak could come either in the fourth quarter of 2025 or early 2027.
Photo by Avi Rozen on Shutterstock
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