Bitcoin, Ethereum, XRP, Dogecoin Slide Amid Jerome Powell’s Inflation Warning: Analyst Says BTC ‘Not Looking Good,’ Sees Drop Toward These Levels
Leading cryptocurrencies plunged alongside stocks on Wednesday as the Federal Reserve said the escalating Middle East conflict could push inflation higher.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -4.07% | $70,979.99 |
| Ethereum (CRYPTO: ETH) |
-5.98% | $2,189.10 |
| XRP (CRYPTO: XRP) | -4.10% | $1.45 |
| Solana (CRYPTO: SOL) | -4.92% | $90.04 |
| Dogecoin (CRYPTO: DOGE) | -5.46% | $0.09495 |
‘Extreme Fear’ Returns
Bitcoin dived below $71,000, reversing a rally that pushed it up to $76,000. Ethereum’s decline was steeper, pulling the second-largest cryptocurrency back to the $2,100 zone.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 6.47% and 3.78%, respectively.
Over $450 million was liquidated from the cryptocurrency market over the past 24 hours, with $380 million in bullish long bets alone wiped out, according to Coinglass data.
Open interest in Bitcoin futures dipped 3.75% in the last 24 hours. However, derivatives traders on Binance bought this dip, opening more long positions versus shorts.
“Extreme Fear” sentiment returned to the market after a brief reprieve, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
| River (RIVER) | +18.64% | … |
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