Cryptocurrencies held steady while stocks hit fresh highs on Wednesday, as a downward revision to jobs data lowered optimism but strengthened expectations for rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.31% | $111,092.17 |
| Ethereum (CRYPTO: ETH) | +0.02% | $4,290.85 |
| XRP (CRYPTO: XRP) | -0.02% | $2.95 |
| Solana (CRYPTO: SOL) | +1.43% | $216.10 |
| Dogecoin (CRYPTO: DOGE) | +0.33% | $0.2383 |
Bitcoin, ETH Move Sideways
Bitcoin ran past $113,000 in the early hours, only to plunge back to the $110,000 region. The trading volume surged 16% in the last 24 hours.
Ethereum continued to oscillate between $4,270 and $4,381, down over 13% from its all-time highs last month. XRP was little changed in the 24-hour period.
In the past 24 hours, 151,884 traders were liquidated, with total liquidations at $309.11 million. Nearly $180 million in bullish long bets were erased.
Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $209 million in bearish shorts erased.
Bitcoin's open interest rose 1.73% in the last 24 hours. An increase in OI, coinciding with a drop in spot price, indicates opening of new short positions. This was evidenced by a marked drop in Bitcoin's Long/Short Ratio, from 1.01 to 0.70, in the last 24 hours.
The overall market sentiment remained "Neutral," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| WhiteRock (WHITE) | +31.23% | $0.0003890 |
| OG Fan Token (OG) | +29.40% | $24.23 |
| Block (BLOCK) | +27.04% | $0.7952 |
The global cryptocurrency market capitalization stood at $3.86 trillion, marginally contracting by 0.09% in the last 24 hours.
Economic Concerns Boost Rate Cut Expectations
Stocks closed at record highs on Tuesday. The Dow Jones Industrial Average lifted 196.39 points, or 0.43%, at 45,711.34. The S&P 500 rallied 0.27% at 6,512.61, while the tech-focused Nasdaq Composite closed up 0.37% to end at 21,879.49.
The Bureau of Labor Statistics released its annual preliminary benchmark revision, lowering previously reported nonfarm employment gains by 911,000 jobs for the period between April 2024 and March 2025.
This raised economic concerns, increasing the odds of a Federal Reserve rate cut next week to 93.4%, according to the CME FedWatch tool.
Ethereum Correction On The Cards?
On-chain analytics firm CryptoQuant noted that Bitcoin is positioned at one of its "most critical support zones."
Represented by a long-term ascending trendline, the level also aligned with a key on-chain metric -- the "New Whales Realized Price," referring to the average purchase price of recently accumulated Bitcoin by new, large-scale holders.
"Bitcoin's mid-term future depends on holding or losing this level," CryptoQuant said. "A decisive loss of this dual support (technical and on-chain) would act as an extremely powerful sell signal and could push the market into a deep and prolonged downtrend."
Ted Pillows, an angel investor and cryptocurrency market observer, highlighted Ethereum price levels with liquidity clusters at $3,600-$4,000.
"Ethereum price action is also looking weak due to macro uncertainty and weak ETF demand. It looks like a sweep of lower liquidity could happen before reversal," Pillows predicted.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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