Bitcoin held steady, while Ethereum slumped Wednesday as the stock market recorded its worst trading day since late 2022.
| Cryptocurrency | Gains +/- | Price (Recorded 8:35 p.m. EDT) |
| Bitcoin BTC/USD | -0.55% | $65,491.11 |
| Ethereum ETH/USD | -3.92% | $3,333.04 |
| Dogecoin DOGE/USD | -1.55% | $0.1281 |
What Happened: The World's largest cryptocurrency Bitcoin was little changed after a sharp rebound to $67,000 was undone by sell-offs later. The apex cryptocurrency has trended lower this week, dropping 5.7%.
Ethereum sold off heavily, despite an impressive debut by spot ETFs in the U.S. stock market, validating some of the earlier forecasts made by analysts.
More than $250 million locked in derivatives was liquidated in the last 24 hours, with long liquidations equating to $219 million. Ethereum led the pack with $82 million in liquidations.
The slump caused a sharp decline in futures Open Interest for the two assets, with Ethereum witnessing a steeper 5.4% drop.
Downside bets for Ethereum surged in comparison to bullish bets in the last 24 hours, signaling a bearish mood.
The Cryptocurrency Fear & Greed Index continued to flash "Greed" as of this writing.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:35 p.m. EDT) |
| Flow (FLOW) | +9.14% | $0.6571 |
| Jupiter (JUP) | +4.45% | $1.00 |
| XRP (XRP) | +3.67% | $0.6198 |
The global cryptocurrency market stands at $2.37 trillion, following a drop of 1.17% in the last 24 hours.
The stock market tumbled on Wednesday, recording its worst performance since 2022. The broad market index S&P 500 fell 128.61 points, or 2.31%, to end at 5,427.13. The tech-heavy Nasdaq Composite plunged 3.64% to close at 17,342.41. The blue-chip index Dow Jones Industrial Average dipped 1.25% to finish at 39,853.87.
The slump comes following big sell-offs in shares of tech giants Alphabet Inc. GOOGL and Tesla Inc. TSLA amid their second-quarter earnings reports. Tesla plummeted 12.3% during the session, its worst since 2020, while the Google parent company declined 5%.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency researcher Ali Martinez underlined the importance of $66,000 as a "crucial" support level for King Crypto, holding which would bolster its chances of rising to new all-time highs.
In an earlier X post, he noted that Bitcoin needs to cross $66,450 for the sentiment to flip bullish.
Another widely followed cryptocurrency influencer Sheldon The Sniper expressed a bullish outlook for Ethereum, stating that the corrections are just to test HODlers' resolve. "ETH to 4,000 in the next week or two," the analyst forecasted.
Photo by Igor Faun on Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
