Bitcoin rallied, while the stock and oil markets retreated on Wednesday as geopolitical tensions and the upcoming vote on a cryptocurrency bill influenced investors’ decisions.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.23% | $96,617.34 |
| Ethereum (CRYPTO: ETH) |
-0.11% | $3,330.89 |
| XRP (CRYPTO: XRP) | -1.89% | $2.12 |
| Solana (CRYPTO: SOL) | +0.18% | $145.81 |
| Dogecoin (CRYPTO: DOGE) | -1.84% | $0.1455 |
Bitcoin Lifts As Sentiment Turns To ‘Greed’
Bitcoin rallied to a 2-month high of $97,860, extending its gains this year to more than 10%.
The uptick comes ahead of the Senate Banking Committee’s debate and vote on the cryptocurrency market structure bill that aims to lay down a clear regulatory framework for the industry.
Ethereum, on the other hand, took a breather, consolidating around the $3,300 region even though trading volume rose 10% in the last 24 hours. XRP and Dogecoin fell following the uptick on Tuesday.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closed up 3.66% and 1.25%, respectively
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and COIN here.
Over $380 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with short liquidations accounting for the majority.
Meanwhile, Bitcoin’s open interest rose 2.76% in the last 24 hours, signaling heightened speculative activity around the coin.
The market sentiment shifted from “Neutral” to “Greed,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Dash (DASH ) | +42.65% | $83.24 |
| Pirate Chain (ARRR ) | +39.17% | $0.8067 |
| Internet Computer (ICP ) | +34.47% | $4.78 |
The global cryptocurrency market capitalization stood at $3.28 trillion, growing by 0.75% over the last 24 hours.
Stocks, Oil Falter
Stocks slid further on Wednesday. The Dow Jones Industrial Average retreated 42.36 points, or 0.09%, to end at 49,149.63. The S&P 500 lost 0.53% to close at 6,926.60, while the tech-heavy Nasdaq Composite fell 1% to finish at 23,471.75.
The Supreme Court postponed its ruling on President Donald Trump’s tariffs, extending uncertainty around the controversial trade policy
Meanwhile, oil prices slipped, with the U.S. West Texas Intermediate trading down 2% at $60.66 a barrel after Trump said that the killing and executions in Iran have “stopped,” although he didn’t rule out military action.
Bitcoin’s Path To $100,000 Clear?
Arthur Azizov, Founder and Investor at B2 Ventures, said in a note shared with Benzinga that resistance for Bitcoin above the $100,000 level would be “strong.”
“A lot of positioning sits there, and the market will likely hesitate on the first test,” Azizov added. “But if that ceiling is hit, I may expect the $120,000–130,000 area throughout the year.”
The analyst noted that risk appetite remains “limited” and in situations like these, Bitcoin works like a “shelter.”
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, saw a possibility of Bitcoin hitting $100,000 this week, pointing out that the trend is upward.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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