Ethereum
Analyst Says Correction Is Usual for King Crypto Before Benzinga Resumes Uptrend
Benzinga – by Aniket Verma, .
Major cryptocurrencies fell sharply on Tuesday as investors’ risk appetite diminishes ahead of key inflation data and the Federal Reserve’s interest rate decision.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO:BTC) | –3.21% | $67,241.29 |
| Ethereum (CRYPTO: ETH) | –4.63% | $3,496.33 |
| Dogecoin (CRYPTO:DOGE) | –4.67% | $0.138 |
What happened: Bitcoin fell to a low of $66,100 earlier today before recovering slightly to $67,100. Ethereum fell below $3,500 for the first time in three weeks.
The downtrend triggered liquidations worth $261 million in the last 24 hours, with around 100,134 traders being rekted. About $224 million of long positions were wiped out.
Speculative interest has cooled, with open interest in Bitcoin futures falling 3% in the past 24 hours. A drop in prices, coupled with a drop in OI, confirms a downward trend.
Additionally, the number of traders betting on Bitcoin’s price to rise further declined compared to those seeking to profit from its decline, indicating bearish sentiment.
Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Ondo (ONDO) | +4.72% | $1.26 |
| Pepe (PEPE) | +4.66% | $0.00001271 |
| UNUS SED LEO (INJ) | +1.10% | $5.92 |
The global cryptocurrency market cap stands at $2.44 trillion, down 3.50% in the last 24 hours.
Stocks closed at record highs on Tuesday. The broader index, S&P500rose 14.53 points, or 0.27%, to close at 5,375.32, while the technology sector Nasdaq100 gained 0.88% to finish at 17,343.55. THE Dow Jones Industrial Averagehowever, fell 0.31% to finish at 38,747.42.
The gathering was led by Apple Inc. (NASDAQ: AAPL), which jumped more than 7% during the session.
The Federal Reserve has begun its two-day FOMC meeting, which will conclude with an interest rate decision on Wednesday. Fed Chairman Jerome Powell will hold a press conference later.
There was a 98% chance that the central bank would keep rates stable, according to CME FedWatch Tool.
Learn more: Best Cryptocurrency Scanners
Analyst Ratings: On-Chain Analytics Company Feeling noted an increase in Bitcoin buying calls on social media after a drop below $67,000.
“Historically, when the number of sell calls (in red) closes the gap over buy calls, that’s when panic and FUD set in and most often lead to crypto rebounds,” Santiment said.
“Historically, this is followed by one to two years of upward trends and frequent new all-time highs, with price increases of 2 to 10 times,” Peterson noted.