Bitcoin, Ethereum, XRP, Dogecoin Move Higher As Traders Await Further Inflation Data On Thursday

Cryptocurrency markets are trading higher on Wednesday as the markets await further inflation data on Thursday.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 6.9% and grew 18.2%, respectively. Daily active addresses dropped 2.1% and increased 4.6%, respectively.
• Coinglass data shows 110,113 traders were liquidated in the past 24 hours for $529.79 million.   
• SoSoValue data shows net inflows of $65.95 million into spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $523.9 million. 

Notable Developments:

• Trump Family Crypto Fortune Tied To Binance-Linked PancakeSwap: Report
• Tokenization Market Could Grow To $2 Trillion In 5 Years, Expert Says
• 180 Life Sciences Extends Rally After Revealing $349 Million Ethereum Reserve
• Gaming The System: How Solana Validators Can Boost Rewards 3% Through ‘Timing Games’
• Bitmine Plans $20 Billion Ethereum Blitz — Could ETH Hit $15,000?

Trader Notes: Rekt Capital highlighted $126,000 as a pivotal level for Bitcoin, marking it as the next key price point to watch. Bitcoinsensus observed that Bitcoin has broken out of its current cycle's staircase pattern, suggesting a potential short-term pullback toward $109,000 before resuming price discovery.

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Stoic emphasized that holding around $120,000 with strong momentum is crucial for Bitcoin to challenge last month's all-time high. A sustained breakout will require aggressive buying and larger passive buy walls on dips.

Miles Deutscher notes that Bitcoin may be entering a parabolic phase, based on the Bitcoin Cycle Model.

Crypto Seth pointed out that bears are shorting Bitcoin, with major liquidation levels around $123,000, and that tomorrow's PPI report will likely act as a key market driver.

Read Next:

• Bitcoin Touches $122,00 As Total Crypto Market Cap Nears $4.2 Trillion

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