Bitcoin Consolidates Amid Trump’s Tariff Moves; Ethereum, Dogecoin Fall: Analyst Foresees ‘Violent’ ETH Rally Once It Breaks This Level
Leading cryptocurrencies diverged from stocks on Wednesday as investors parsed tariff-related developments ahead of the Aug. 1 deadline.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.32% | $118,916.47 |
| Ethereum (CRYPTO: ETH) |
-2.71% | $3,642.88 |
| Dogecoin (CRYPTO: DOGE) | -8.69% | $0.2436 |
What Happened: Overnight, Bitcoin’s price rebounded from its intraday low of $117,391.39 to near $119,000. Trading activity dropped, with volumes down by more than 13% in the last 24 hours.
Ethereum followed a similar trajectory, rising from $3,532 to more than $3,600 overnight.
Cryptocurrency liquidations reached $735 million in the last 24 hours, with long-position traders facing the brunt of the losses. A rally to $121,000, however, could erase over $580 million in Bitcoin shorts.
Bitcoin’s open interest fell 2.19% in the last 24 hours to $84.26 billion. Interestingly, over 50% of Binance traders with open BTC positions were betting on further declines, according to the Long/Short ratio.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:25 p.m. ET) |
|---|---|---|
| Story … |
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