Bitcoin Breaks $94,000 Ahead Of Fed Rate Cut Decision; Ethereum, Dogecoin, XRP Rise: Analyst Hails ‘Great Move,’ Says BTC On ‘Bullish Trajectory’
Leading cryptocurrencies surged on Tuesday, as Wall Street priced in strong expectations of a 25-basis-point rate cut by the Federal Reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:10 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.06% | $92,223.30 |
| Ethereum (CRYPTO: ETH) |
+6.35% | $3,310.83 |
| XRP (CRYPTO: XRP) | +1.05% | $2.09 |
| Solana (CRYPTO: SOL) | +3.26% | $137.39 |
| Dogecoin (CRYPTO: DOGE) | +3.52% | $0.1466 |
Crypto Market Rallies
Bitcoin staged a strong recovery, surging back above $94,000 after over three weeks. Trading volume spiked 23% over the last 24 hours, indicating high buying pressure. The coin, however, gave up some gains as the day progressed.
Ethereum hit an intraday high of $3,395, a level not seen since nearly a month. Trading volume for the second-largest cryptocurrency surged 30%.
Shares of cryptocurrency-linked stocks such as Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 2.89% and 9.40%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and BMNR here.
Cryptocurrency liquidations hit $436 million over the last 24 hours, according to Coinglass, out of which $308 million were erased from short positions alone.
Moreover, roughly $436 million in Bitcoin short positions …
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