Leading cryptocurrencies nosedived, on Tuesday, as the latest economic data poured cold water on interest rate-cut expectations.
Cryptocurrency
Gains +/-
Price (Recorded at 8:15 p.m. ET)
Bitcoin (CRYPTO: BTC)
-4.76%
$97,056.00
Ethereum (CRYPTO: ETH)
-7.59%
$3,402.50
Dogecoin (CRYPTO: DOGE)
-9.40%
$0.3507
What Happened: Bitcoin fell to $96,200 late afternoon before dip-buying propelled the leading cryptocurrency up a few notches. This comes a day after it hit $100,000 after a gap of more than two weeks.
Ethereum’s decline was steeper as the second-largest cryptocurrency lost nearly 8% of its value in 24 hours, plunging to $3,880.
Cryptocurrency liquidations hit $559 million in the last 24 hours, the highest since Dec. 20. More than $500 million in long liquidations was witnessed.
Top traders on Binance seemed to be buying the dip, as over 63% of them were long on Bitcoin, compared to 36% shorting the cryptocurrency.
About $555 million in short positions risked liquidation if Bitcoin rebounds to $100,000.
The slump cooled the sentiment from “Extreme Greed” to “Greed,” according to the Crypto Fear & Greed Index.
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Full story available on Benzinga.com
