Leading cryptocurrencies felt the pinch on Wednesday after Federal Reserve Chair Jerome Powell said “no decision” has been made on a September rate cut.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.02% | $117,946.09 |
| Ethereum (CRYPTO: ETH) |
+0.61% | $3,811.10 |
| Dogecoin (CRYPTO: DOGE) | -1.85% | $0.2195 |
What Happened: Bitcoin dipped below $116,000 late afternoon but recouped the gains overnight. Ethereum extended its gains overnight following the afternoon pullback, even as trading volume cooled off.
A White House advisory group formed under President Donald Trump released a cryptocurrency blueprint urging federal agencies to clarify rules concerning digital assets.
Meanwhile, cryptocurrency liquidations hit $432 million in the last 24 hours, with Ethereum alone accounting for $101 million.
Interestingly, Bitcoin’s rise to $120,000 could liquidate $430 million worth of BTC short positions on Binance.
Bitcoin’s open interest rose by 1.23% in the last 24 hours. When the spot price is sideways and open interest is increasing, it typically precedes a breakout in either direction.
Despite the weakness, “greed” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
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