Leading cryptocurrencies fell alongside stocks on Thursday as a jump in consumer prices dampened hopes of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:40 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.17% | $115,531.73 |
| Ethereum (CRYPTO: ETH) |
-3.77% | $3,680.37 |
| Dogecoin (CRYPTO: DOGE) | -5.72% | $0.2084 |
What Happened: Bitcoin tumbled to an intraday low of $114,369.87, prompting a broader market decline. Ethereum sank below $3,700.
Bullish long traders were heavily hit by the slump, with over $570 million in long positions wiped out in the last 24 hours.
That said, the two cryptocurrency heavyweights recorded a profitable July. While Bitcoin rose nearly 8% in the month, Ethereum skyrocketed over 48%.
Bitcoin’s open interest fell by 0.86% in the last 24 hours, while funds locked in Ethereum unsettled contracts dropped 1.83%.
The “greed” sentiment weakened further in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:40 p.m. ET) |
|---|---|---|
| Toncoin (TON) | +2.00% | $3.49 |
| XDC Network (XDC) |
+1.77% | $0.09785 |
| Story (IP) | +1.16% | $6.02 |
The global cryptocurrency market capitalization stood …