Bitcoin, Ethereum, XRP, Dogecoin Dip As Fed Chair Powell Pours Cold Water On December Rate Cut Hopes: Analyst Says Watch Out For These Key BTC Levels
Leading cryptocurrencies fell alongside major stock indexes on Wednesday as Federal Reserve Chair Jerome Powell said that a year-end interest rate cut is “not a foregone conclusion.”
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.55% | $110,501.39 |
| Ethereum (CRYPTO: ETH) |
-1.39% | $3,918.16 |
| XRP (CRYPTO: XRP) | -1.89% | $2.56 |
| Solana (CRYPTO: SOL) | +0.14% | $194.05 |
| Dogecoin (CRYPTO: DOGE) | -0.37% | $0.1927 |
Cryptos Fall As Investors Remained Fearful
Bitcoin fluctuated between $110,000 and $113,000 during the day, accompanied by a drop in trade volume.
Ethereum attempted to break above $4,000 but faced repeated rejections. The second-largest cryptocurrency is trading down over 20% from its all-time high.
Nearly $600 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with an overwhelming majority of long positions wiped out.
That said, nearly $580 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $117,000.
Bitcoin’s open interest, meanwhile, rose 1.65% in the last 24 hours. An increase in open interest coinciding with a price decrease mainly indicates new short positions being opened.
The market remained gripped in “Fear,” according to the …
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