Bitcoin failed to break out of its range, but other major coins rose on Wednesday as the Federal Reserve implemented its first interest rate cut of the year.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.13% | $116,605.69 |
| Ethereum (CRYPTO: ETH) |
+1.98% | $4,607.27 |
| XRP (CRYPTO: XRP) | +1.24% | $3.08 |
| Solana (CRYPTO: SOL) | +3.71% | $245.69 |
| Dogecoin (CRYPTO: DOGE) | +4.40% | $0.2819 |
Bitcoin Stuck Despite Fed Rate Cut
Bitcoin slipped below $117,000 and consolidated in the $116,000 region. Ethereum, on the other hand, broke past $4,600, with trading volume climbing 51% in the 24-hour period. XRP and Dogecoin spiked 1.24% and 4.40%, respectively.
Bitcoin’s dominance dropped below 57%, while capital rotated to altcoins, boosting their market share to 30%.
Over $350 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders losing $188 million. That said, about $400 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $118,000.
Bitcoin’s open interest fell 1.01% in the last 24 hours. Despite this, over 54% of Binance derivatives traders with open BTC positions were long as of this writing.
Interestingly, Binance traders with open BTC positions flipped bearish, with more than 52% betting against the coin, according to …