Leading cryptocurrencies rallied sharply Wednesday, diverging from the stock market’s negative action.
Cryptocurrency
Gains +/-
Price (Recorded at 8:45 p.m. EDT)
Bitcoin (CRYPTO: BTC)
+3.23%
$58,011.02
Ethereum (CRYPTO: ETH)
+4.77%
$2,454.72
Dogecoin (CRYPTO: DOGE)
+5.20%
$0.09804
What Happened: World’s largest cryptocurrency, Bitcoin recovered to $58,000 after dramatically plunging over 3% in 15 minutes overnight on Tuesday.
However, the rise could not be sustained, as King Crypto quickly reversed and became rangebound.
Ethereum also made a U-turn, breaching past $2,400 following a decline to $2,300 the previous day.
The total cryptocurrency liquidations reached $86.13 million in the last 24 hours, with short liquidations accounting for 66%.
Bitcoin’s Open Interest rose 2.85% to $29.95 billion in the past 24 hours, indicating a surge in bullish bets. This was further exemplified by the sharp increase in the Long/Shorts ratio.
The market mood remained in “Fear” as of this writing, according to the popular Cryptocurrency Fear & Greed Index, showing a reading of 29 out of …
Full story available on Benzinga.com