Leading cryptocurrencies joined stocks in a broader sell-off on Wednesday as the market lost momentum seen at the beginning of the week.
Cryptocurrency
Gains +/-
Price (Recorded at 9:15 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-1.54%
$66,584.09
Ethereum (CRYPTO: ETH)
-4.50%
$2,515.92
Dogecoin (CRYPTO: DOGE)
-1.84%
$0.1384
What Happened: Bitcoin plummeted as low as $65,188 during trading hours before recouping losses overnight.
Ethereum sank below $2,500 for the first time in nearly 10 days, hitting an intraday low of $2,463. Over the last week, Bitcoin’s dominance has steadily increased at the cost of Ethereum and other altcoins.
Total cryptocurrency liquidations topped $277 million in the last 24 hours, the highest in a week. Upside bets to the tune of $203 million were wiped out.
Bitcoin’s Open Interest dropped 0.87% in the last 24 hours, while Ethereum recorded a 1.15% decline in funds locked in unsettled contracts.
That said, the number of traders longing Bitcoin significantly exceeded those betting against the cryptocurrency, as per the Long/Shorts Ratio.
Additionally, market participants remained …
Full story available on Benzinga.com