BTC - Bitcoin Ethereum Dogecoin Edge Lower As Inflation Fears Grip Investors: Less And Less Of King Crypto Available For Masses An 'Enormous' Bull Market Inevitable Says Analyst | Benzinga
Leading cryptocurrencies inched lower on Wednesday, as investors remained hesitant to allocate funds to the risky asset class due to fears about inflation and interest rates.
What Happened: Bitcoin, the market bellwether, remained choppy in the $67,000 zone, while the second-largest cryptocurrency, Ethereum, fell below $3,800, effectively reversing all the gains made due to spot ETF hype last week.
The market drop resulted in the liquidation of $152 million worth of positions in the last 24 hours, with long liquidations accounting for 71% of the total. Ethereum led with $38.55 million in liquidations.
Open Interest in Bitcoin futures dropped 0.45% in the last 24 hours, while Ethereum's futures market saw a steeper 2.26% decline.
The price dip shifted the sentiment of the derivatives market, as the number of traders taking bearish bets on Bitcoin increased dramatically when compared to those taking bullish long positions.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 8:30 p.m. EDT)
Notcoin (NOT) +14.92% $0.01053
Worldcoin (WLD) +7.29% $5.03
Bitget Token (BGB) +6.01% $1.32
The global cryptocurrency market cap stands at $2.53 trillion, following a 1.39% decline in the last 24 ...