NVDA - Ethereum Spikes Bitcoin Dogecoin Stay Choppy As Market Celebrates Legal Win Against SEC: King Crypto Could Bounce 80% Over Next 2 Weeks Says Analyst | Benzinga
Ethereum gained on major regulatory win against the SEC, while Bitcoin and Dogecoin continued to move sideways on Wednesday.
What Happened: Bitcoin trended downward, falling into the $64,000 zone after an initial rip above $65,000.
Ethereum led the cryptocurrency market's charge, following the closure of the SEC's investigation into whether the world's second-largest cryptocurrency is a security.
The rally catalyzed Ether's derivatives market, as the Open Interest soared 3.43% in the last 24 hours. The jump in OI, coming alongside a jump in price, typically reflects bullish sentiment. Bitcoin's OI growth was muted in comparison, rising 0.61%.
Bullish bets for Ether rose dramatically in the last 24 hours, forming more than 53% of all positions taken by derivatives traders for the asset.
The "Greed" sentiment in the market has cooled significantly this week, according to readings from the Cryptocurrency Fear & Greed Index, falling from 74 to 60. This could pave the way for stronger surges in the days ahead.
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