Leading cryptocurrencies traded sideways on Wednesday, as the Federal Reserve warned of macroeconomic dangers from President Donald Trump’s tariff moves.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. ET) |
| Bitcoin BTC/USD | +0.53% | $98,018.94 |
| Ethereum ETH/USD | -0.89% | $1,830.59 |
| Dogecoin DOGE/USD | -0.88% | $0.1721 |
What Happened: Bitcoin encountered tough resistance in the mid-$97,000s throughout the day before breaking the barrier overnight and recovering $98,000 for the first time since Feb. 21.
Bitcoin's market dominance rose to a yearly high of 64.4%, signaling continued capital rotation from other assets to the apex cryptocurrency.
Ethereum recovered after falling to an intraday low of $1,788.69 in a turbulent trading session that saw volume soar up to 220%.
Over $184 million was liquidated from the cryptocurrency market in the last 24 hours, with bearish bets accounting for the majority.
Bitcoin's Open Interest dropped marginally by 0.78% in the last 24 hours. Interestingly, over 63% of the Bitcoin derivatives traders on Binance bet against the leading cryptocurrency.
The "Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Eos (EOS) | +16.78% | $0.8168 |
| Stacks (STX) | +9.62% | $0.892 |
| Zcash (ZEC) | +5.10% | $40.32 |
The global cryptocurrency market capitalization stood at $3 trillion, following a 0.20% contraction in the last 24 hours.
Stocks staged a pullback on Wednesday. The Dow Jones Industrial Average rose 284.97 points, or 0.70%, to end at 41,113.97. The S&P 500 gained 0.43% to close at 5,631.28, while the tech-focused Nasdaq Composite spiked 0.27%, ending at 17,738.16.
Fed Chair Jerome Powell flagged concerns that Trump's tariff measures could lead to higher inflation, weaker growth, and a rise in unemployment. This came after the central bank’s widely predicted decision to maintain interest rates at 4.25%-4.50%.
Additionally, shares of Nvidia Corp. NVDA climbed late in the day on reports that the Trump administration plans to scrap Biden-era AI chip curbs.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Rekt Capital stated that the altseason, which occurs when altcoins outperform Bitcoin in price gains, would begin once Bitcoin dominance hits the 71% ceiling, about 6% away from current value.
Cryptocurrency expert and trader Michaël van de Poppe expressed optimism in Ethereum’s short-term prospects, stating that the cryptocurrency was holding above a “crucial” level.
"I think we’ll be about to witness a big breakout to $2,100 in the coming 1-2 weeks," the analyst said.
Photo Courtesy: alfernec on Shutterstock.com
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