Bitcoin, Ethereum, Dogecoin Sink Amid Stocks Decline, Treasury Yields Climb: Analyst Sees ‘Promising Signs’ — Retest ‘Successful’ If King Crypto Stays Above This Level
Leading cryptocurrencies joined stocks in a broader sell-off on Wednesday as the market lost momentum seen at the beginning of the week.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.54% | $66,584.09 |
| Ethereum (CRYPTO: ETH) |
-4.50% | $2,515.92 |
| Dogecoin (CRYPTO: DOGE) | -1.84% | $0.1384 |
What Happened: Bitcoin plummeted as low as $65,188 during trading hours before recouping losses overnight.
Ethereum sank below $2,500 for the first time in nearly 10 days, hitting an intraday low of $2,463. Over the last week, Bitcoin’s dominance has steadily increased at the cost of Ethereum and other altcoins.
Total cryptocurrency liquidations topped $277 million in the last 24 hours, the highest in a week. Upside bets to the tune of $203 million were wiped out.
Bitcoin’s Open Interest dropped 0.87% in the last 24 hours, while Ethereum recorded a 1.15% decline in funds locked in unsettled contracts.
That said, the number of traders longing Bitcoin significantly exceeded those betting against the cryptocurrency, as per the Long/Shorts Ratio.
Additionally, market participants remained …
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