Bitcoin, Ethereum, Dogecoin Rise, Defy Stocks Decline As Fed Leaves Rates Unchanged: Top Trader Sees Possible 40% Downside For This Large-Cap Crypto

Leading cryptocurrencies lifted on Wednesday, defying the stock market’s decline as the Federal Reserve snapped its interest rate-cutting streak.

What Happened: Bitcoin reclaimed the $104,000 mark, helped by bullish commentary from Fed Chair Jerome Powell.

Ethereum also registered gains, although it waited for a strong upward breach from $3,200.

The second-largest cryptocurrency has trailed Bitcoin thus far in 2025, recording year-to-date losses of 5.80% as opposed to the apex cryptocurrency’s 11% gains.

At the press conference, Powell took a positive stance on cryptocurrencies, praising the ongoing efforts to provide a clear regulatory framework for the industry.

The rally resulted in $257.59 million in cryptocurrency liquidations in the last 24 hours, with the majority being downside bets.

Bitcoin’s Open Interest rose by 2.58% in the last 24 hours, indicating an influx of fresh money into its futures market.

However, over 50% of Bitcoin traders took short positions on the asset, according to the Long/Short ratio, suggesting that …

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