Bitcoin, Ethereum, XRP, Dogecoin Decline Ahead Of Consumer Inflation Data Release: ‘Exhausted’ Market Needs To Hold This Key Level, Says Analyst
Leading cryptocurrencies plunged alongside stocks on Wednesday, as investors await the Consumer Price Index report for hints on the Federal Reserve’s next moves.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.01% | $85,977.58 |
| Ethereum (CRYPTO: ETH) |
-4.57% | $2,825.89 |
| XRP (CRYPTO: XRP) | -3.80% | $1.85 |
| Solana (CRYPTO: SOL) | -4.47% | $123.51 |
| Dogecoin (CRYPTO: DOGE) | -4.82% | $0.1255 |
Bitcoin Pumps And Dumps
Bitcoin saw a sharp jump to $90,000 in the early trading hours before reversing all the gains in a jiffy, triggering massive liquidations. The apex cryptocurrency sank below $86,000 later in the day.
Ethereum saw a similar trajectory, pushing past $3,000 only to crash below $2,800 eventually. Trading volume for the second-largest cryptocurrency rose 17% in the last 24 hours.
Shares of cryptocurrency-linked stocks Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NASDAQ:COIN) closed down 4.25% and 6.59%, 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.
Over $530 million was liquidated from the cryptocurrency market in the last …
About The Author
