Bitcoin, Ethereum Muted, Dogecoin Dips After Q1 GDP Contraction: Analyst Foresees BTC’s Rally To $114,000 If It Breaks This Ceiling
Leading cryptocurrencies were muted on Wednesday even as negative GDP growth stoked recession concerns.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -0.26% | $94,289.48 |
| Ethereum (CRYPTO: ETH) |
-0.62% | $1,796.30 |
| Dogecoin (CRYPTO: DOGE) | -1.73% | $0.1728 |
What Happened: Bitcoin tumbled below $92,000 in the early trading hours on first-quarter GDP contraction but eventually recovered to the mid-$94,000s by evening.
Ethereum followed a similar pattern, reversing early losses with the evening push.
Bitcoin was set to end April with gains of over 14%, a marked reversal from the 14% decline in the same period last year. Ethereum, on the other hand, dipped 1.22% in April.
About $343 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for over $211 million
Bitcoin’s Open Interest fell 0.69% in the last 24 hours, although April saw a healthy 18% jump in money invested in its derivatives. Meanwhile, more than 50% of Binance traders with open BTC positions were bearish on the asset.
The market sentiment flipped from “Greed” to “Neutral,” …
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