Leading cryptocurrencies traded flat, while stocks fell further on Wednesday as President Donald Trump authorized tapping the strategic reserve to lower oil prices.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.22% | $69,912.33 |
| Ethereum (CRYPTO: ETH) |
+0.48% | $2,046.98 |
| XRP (CRYPTO: XRP) | -0.73% | $1.37 |
| Solana (CRYPTO: SOL) | +0.18% | $86.28 |
| Dogecoin (CRYPTO: DOGE) | -1.85% | $0.09276 |
Crypto Market Shifts Sideways
Bitcoin surged past $71,000 but met strong resistance shortly after, dropping back under $70,000 overnight. Trading volume fell 16% in the last 24 hours. Ethereum wobbled in the $2,000 region amid subdued trading volumes
Nearly $180 million was liquidated from the cryptocurrency market over the past 24 hours, representing a notable decline from the previous day. Bearish short positions worth $102 million were wiped out.
Moreover, about $490 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rises to $73,000.
Open interest in Bitcoin futures spiked 1.51% in the last 24 hours. Rising open interest alongside flat price action signals a consolidation phase where market participants are actively building positions, but there is no clear consensus on direction.
Meanwhile, Binance derivatives traders, including both retail and institutional investors, bet on Bitcoin’s price increase.
“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index here, despite the uptick.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
| Berachain (BERA) | +11.03% | $0.6033 |
| Arweave (AR) | +9.07% | $1.79 |
| Internet Computer (ICP) | +9.06% | $2.62 |
The global cryptocurrency market capitalization stood at $2.39 trillion, eking out a modest gain of 0.04% from the previous day.
Stocks Slide Further, Oil Above $90
Stocks extended their losses on Wednesday. The Dow Jones Industrial Average slid 289.24 points, or 0.61%, to end at 47,417.27. The S&P 500 closed down 0.08% at 6,775.80, while the tech-focused Nasdaq Composite gained 0.08% to finish at 22,716.13.
Trump authorized the Department of Energy to release 172 million barrels from the Strategic Petroleum Reserve, beginning next week, as the ongoing Middle East war continued to strain oil markets. The West Texas Intermediate crude futures traded up 6.44% at $92 a barrel as of this writing.
Meanwhile, inflation rose by 0.3% during February and 2.4% over the 12 months through February, according to the Consumer Price Index data released Wednesday.
Analyst Pinpoints Areas Of Interest For Bitcoin
Popular cryptocurrency analyst and trader Ali Martinez noted Bitcoin’s range-bound movement, with no clear breakout in sight.
They identified $62,791 as range low and $71,840 as the range high, with only a decisive break above or below these levels determining where Bitcoin goes next.
Michaël van de Poppe, another widely followed cryptocurrency commentator, dismisses the idea of Bitcoin undergoing an 80% correction.
“Just because upside volatility has been slim, it doesn’t mean the downside needs to be heavier,” Van De Poppe said. “In that regard, we’re likely to enter a bull market cycle for 2026, 2027, and 2028.”
Photo: KateStock / Shutterstock
Recent Comments