BTC - Bitcoin Ethereum Dogecoin Drag As Investors' Risk Appetite Cools: Analyst Sees Consolidation As Precursor To 'Normal Bull Run' | Benzinga
Leading cryptocurrencies slumped Thursday as the Federal Reserve's hawkish rate cut projection continued to fuel anxiety among investors.
What Happened: World's largest digital currency, Bitcoin, slipped to the $66,000 zone, with a $16% decline in 24-hour trading volumes. Ethereum dipped below $3,500 for the first time in three weeks.
The slump liquidated $162 million of cryptocurrency investors' fortunes in the last 24 hours, with long liquidations amounting to $139 million.
Bitcoin's Open Interest plunged 2.16% in the last 24 hours. A drop in OI and a drop in spot price indicated that money flew out of the derivatives market.
The number of traders holding long positions for Bitcoin narrowly increased past those betting on the asset's price decline, suggesting expectations of an imminent rebound.
The cryptocurrency fear and greed index flashed "Greed," suggesting optimism in the market, and the potential of an increase in buying pressure.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 8:30 p.m. EDT)
Toncoin (TON) +2.94% $7.75
Uniswap (UNI) +1.17% $10.19
Litecoin (INJ) +1.09% $79.30
The global cryptocurrency market cap stands at $2.42 trillion, shrinking by ...