Bitcoin Trades Below $90,000 As Fed Rate Cut Hopes Fade; Ethereum, XRP, Dogecoin Struggle: Analyst Forecasts ‘Healthy Recalibration’ Next
Leading cryptocurrencies fell further alongside stocks on Thursday, as stronger jobs data cast doubt on whether the Federal Reserve will deliver another rate cut in December.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -5.55% | $87,077.36 |
| Ethereum (CRYPTO: ETH) |
-5.31% | $2,868.39 |
| XRP (CRYPTO: XRP) | -5.08% | $2.01 |
| Solana (CRYPTO: SOL) | -3.37% | $134.31 |
| Dogecoin (CRYPTO: DOGE) | -3.37% | $0.1501 |
BTC Down 30% From Highs
Bitcoin sank below $87,000 for the first time in seven months, deepening its ongoing bearish trend. The apex cryptocurrency traded 30% below its all-time highs set only six weeks ago. BTC traded between $86,040.80 and $93,025.07 for the day.
Ethereum briefly slipped below $2,800 before recovering part of its losses overnight. Regardless, the second-largest cryptocurrency has erased all the gains made since mid-July.
Cryptocurrency liquidations spiked to $821 million in the last 24 hours, according to Coinglass, with nearly $700 million in long positions wiped out.
That said, roughly $383 million in shorts could be liquidated if Bitcoin reclaimed $95,000.
Bitcoin’s open interest fell 2.55% in the last 24 hours. Since Bitcoin’s all-time high on Oct. 7, more than $28 billion locked in its derivatives have been erased.
The “Extreme Fear” sentiment prevailed, …
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