Gold, Silver Fall Alongside Bitcoin, Ethereum, Dogecoin As ‘Extreme Fear’ Persists: Analyst Sees BTC’s ‘Slow Bleed’ To This Level Before Rebound
Leading cryptocurrencies fell alongside stocks and precious metals on Wednesday, even as job growth accelerated strongly in January.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.65% | $67,779.05 |
| Ethereum (CRYPTO: ETH) |
-2.40% | $1,969.29 |
| XRP (CRYPTO: XRP) | -1.78% | $1.38 |
| Solana (CRYPTO: SOL) | -3.47% | $80.36 |
| Dogecoin (CRYPTO: DOGE) | -1.06% | $0.09183 |
Crypto Market Stays In The Dumps
Bitcoin dived below $65,000 in the early trading hours before bouncing back to $68,000 in the evening. Trading volume for the coin jumped 25% in the last 24 hours, indicating high selling pressure.
Ethereum came under pressure, but was guarded by the support at $1,900. XRP and Dogecoin also traded in the red.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR), closed down 5.21% and 2.41%, respectively.
Over $470 million was liquidated from the market in the last 24 hours, according to Coinglass, with nearly $300 million in bullish long bets erased.
Bitcoin’s open interest rose 1.49% over the past 24 hours. A jump in open interest coupled with a drop in spot price typically indicates entry of new short positions.
The “Extreme Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded … |
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