Leading cryptocurrencies and stocks traded flat on Wednesday, while gold extended its record-breaking rally as Federal Reserve Chair Jerome Powell said that rate cuts are not “anybody’s base case” currently.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.44% | $88,918.51 |
| Ethereum (CRYPTO: ETH) |
-0.50% | $2,998.87 |
| XRP (CRYPTO: XRP) | -0.24% | $1.89 |
| Solana (CRYPTO: SOL) | -1.89% | $124.65 |
| Dogecoin (CRYPTO: DOGE) | -0.87% | $0.1241 |
Bitcoin’s Rally Stalls At $90,000
Bitcoin bulls attempted a breakout above $90,000 but ran into heavy resistance, sending it back toward $88,000.
Ethereum broke past $3,000 but couldn’t hold it for long. Trading volume for the second-largest cryptocurrency plunged 21% over the last 24 hours.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closed down 1.94% and 0.66%, respectively.
Roughly $233 million was liquidated from the market in the last 24 hours, according to Coinglass, with nearly an equal amount of bullish longs and bearish shorts wiped out.
Bitcoin’s open interest fell 0.49% in the last 24 hours, matching the decline in its spot price. That said, the majority of retail and whale accounts on Binance holding open BTC positions were long as of this writing.
“Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
| Quack AI (Q) | +87.60% | $0.03365 |
| Ribbita By Virtuals (TIBBIR) | +34,68% | $0.2150 |
| Stable (STABLE ) | +22.52% | $0.02721 |
The global cryptocurrency market capitalization stood at $3.01 trillion, down 1.41% over the past 24 hours.
Stocks Trade Flat
The S&P 500 was mostly unchanged, closing down 0.01% at 6,978.03. The Dow Jones Industrial Average gained 12.19 points, or 0.02%, to close at 49,015.60, while the tech-heavy Nasdaq Composite rose 0.17% to close at 23,857.45.
Fed Chair Powell said that rate hikes are not a base case right now, but clarified that the central bank is not on a preset easing path.
Earlier in the day, the Fed decided to keep rates unchanged at 3.5%-3.75%, pausing its easing cycle after three rate cuts last year.
Meanwhile, gold extended its record-breaking rally, with spot prices up 0.69% at $5,456.29 an ounce.
Bitcoin To Undergo Sharp Correction?
Ali Martinez, a well-known cryptocurrency trader and analyst, noted that Bitcoin dropped 14% on average after FOMC announcements in 2025. They predicted that the first one of this year “may be no different.”
Michael van de Poppe, another prominent cryptocurrency commentator, drew an inverse correlation between gold and Bitcoin prices.
“If Gold has a sharp correction, I think we’ll see Bitcoin move to $95,000,” Van De Poppe projected.
Note that Bitcoin and other cryptocurrencies spiked while gold eased ahead of the Fed’s rate cut decision. Since the announcement, however, gold has rallied while Bitcoin has stagnated.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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