Leading cryptocurrencies dipped on Wednesday despite lower-than-expected inflation and the new trade deal announcement with China.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | -1.18% | $108,619.39 |
| Ethereum ETH/USD Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
-1.53% | $2,772.61 |
| Dogecoin DOGE/USDÂ Â Â Â Â Â Â Â Â Â | -2.71% | $0.1928 |
What Happened: Bitcoin reached a high of $110,384.22 in the early trading hours before falling to the $108,000 region by late evening.
Ethereum’s rally also got halted as the second-largest cryptocurrency took a U-turn after cruising to $2,877.63.Â
Meanwhile, ETH’s market dominance hit 9.8%, the highest since the end of February. BTC’s share remained steady at 63.3%.
About $293 million was liquidated from the cryptocurrency market in the last 4 hours, with $198 million in bullish long bets wiped out.
Bitcoin’s Open Interest fell further by 1.62% in the last 24 hours. The majority of Binance traders with open BTC positions remained short, according to the Long/Short ratio.
“Greed” sentiment continued to dominate the market, according to the Crypto Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Kaia (KAIA) | +14.84% | $0.1649 |
| Vaulta (A) Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â |
+3.24% | $0.6171 |
| AB (AB)Â Â Â Â Â Â Â Â Â Â | +2.88% | $0.01158 |
The global cryptocurrency market capitalization stood at $3.41 trillion, following a decline of 1.46% in the last 24 hours.
Disclosure: 82% of retail CFD accounts lose money
Stocks pulled back on Wednesday. The S&P 500 slipped 0.27% to end at 6,022.24. The tech-heavy Nasdaq Composite lost 0.50% to close at 19,615.88. The Dow Jones Industrial Average ended on the flatline, down 1.1 points to 42,865.77.
The Consumer Price Index rose 2.4% in May, undercutting the 2.5% projected by economists. The softer numbers boosted expectations for Federal Reserve rate cuts later this year. According to the CME FedWatch tool, traders priced in a 61% chance of a 25 basis point cut during September’s FOMC meeting.
In other news, Trump declared a new trade agreement with China following two days of negotiations in London.
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Analyst Notes: Cryptocurrency analyst and trader Ali Martinez said Bitcoin needs to hold above $108,300 to maintain “bullish momentum,” and losing it could trigger a drop to $107,000.
Blockchain analytics firm Santiment has noticed that retail sentiment has turned bullish as Bitcoin teases all-time highs.
“There are more than double the amount of positive BTC comments vs. negative across social media, the highest ratio since Trump was elected over 7 months ago,” Santiment stated.
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Photo Courtesy: Wit Olszewski on Shutterstock.com
