The cryptocurrency market cracked further Thursday as risk sentiment remained low following the Federal Reserve’s hawkish statements.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | -3.30% | $97,251.29 |
| Ethereum ETH/USD |
-6.08% | $3,425.34 |
| Dogecoin DOGE/USD | -12.28% | $0.3159 |
What Happened: Bitcoin rallied to $102,000 in the early hours but gave up gains as the day progressed, dipping below $96,000 for the first time in over a month.
Similarly, Ethereum lifted above $3,700 only to crash below $3,400 by late afternoon. The world’s second-largest cryptocurrency was down over 11% over the week.
Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $860 million.
Bitcoin’s Open Interest plunged 4.24% in the last 24 hours, alongside a drop in spot price. That said, the percentage of Binance traders taking long positions for the cryptocurrency rose sharply to 61%, against 38% betting against the asset, according to the Long/Short Ratio.
The “Greed” sentiment weakened in the market, according to the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Movement (MOVE) | +21.14% | $0.7626 |
| Bitget Token (BGB) | +6.55% | $4.46 |
| Mantle (MNT) | +6.50% | $1.17 |
The global cryptocurrency market capitalization stood at $3.33 trillion, following a contraction of 4.91% in the last 24 hours.
The Dow Jones Industrial Average snapped out of its 10-day losing streak Thursday but only just, gaining 0.04%, to close at 42,342.24. The S&P 500 slipped 0.09% to end at 5,867.08, while the tech-heavy Nasdaq Composite dropped 0.10% to 19,372.77.
These moves come a day after the stock market got hammered after the Federal Reserve signaled a hawkish outlook, with fewer rate reductions in 2025 than expected.
The benchmark 10-year Treasury yields increased to 4.55%, the highest since May 30.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez commented on Bitcoin’s latest moves, stating that if the apex cryptocurrency loses $96,000 as support, it could dip further to $90,000 and $85,000.
Rekt Capital, another influential analyst, stated that if Bitcoin goes below the weekly support level of around $97,800, the 5-week uptrend will be reversed and the coin will enter a corrective phase.
“If this blue weekly support region fails and so does the 5-week uptrend (orange)… then BTC will probably transition into a correction.”
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
