Bitcoin, Ethereum, Dogecoin Take A U-Turn As Jerome Powell’s Statements Dampen Rate Cut Expectations: Analytics Firm Explains Why BTC Bull Market Has Not Yet Ended
Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell’s remarks poured cold water on rate cut optimism.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.23% | $88,282.07 |
| Ethereum (CRYPTO: ETH) |
-3.55% | $3,091.21 |
| Dogecoin (CRYPTO: DOGE) | -4.46% | $0.3726 |
What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.
Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up over 15%.
More than $505 million worth of positions were liquidated in the last 24 hours, with nearly $350 million in upside bets getting wiped out.
Bitcoin’s Open Interest (OI) dropped 0.82% in the last 24 hours. A drop in OI, alongside a drop in spot price, also pointed toward long liquidations.
That said, the number of traders betting in favor of Bitcoin’s price rally rose in comparison to those shorting the asset, according to the Long/Short Ratio.
The “Extreme Greed” sentiment weakened from 88 …
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