Leading cryptocurrencies dipped on Wednesday, diverging with the stock market rally, as the market expects more from the new Donald Trump administration.
Cryptocurrency
Gains +/-
Price (Recorded at 7:30 p.m. ET)
Bitcoin (CRYPTO: BTC)
-2.33%
$103,392.39
Ethereum (CRYPTO: ETH)
-2.13%
$3,255.66
Dogecoin (CRYPTO: DOGE)
-1.94%
$0.3612
What Happened: Bitcoin steadily fell from the highs of $107,000 tapped the day before. The top cryptocurrency hit an intraday low of $102,561 overnight.
Ethereum followed a similar trajectory, losing more than 2% of its value in the last 24 hours. The second-largest cryptocurrency has suffered losses of more than 5% over the week.
Though the SEC under acting Chairman Mark Uyeda launched a dedicated cryptocurrency task force to frame regulations for the industry, investors have been left disappointed due to no cryptocurrency-related executive orders from Trump thus far.
In the past 24 hours, 96,027 traders were liquidated, with total liquidations at $185.56 million. Upside bets worth $133.52 million were wiped out.
Long liquidations likely caused Bitcoin’s Open Interest to slip by 3.06% in the last 24 hours.
That said, a rebound to $107,000 could liquidate nearly $565 million worth of short positions.
The market …Full story available on Benzinga.com