Bitcoin and Ethereum were under pressure even as they traded above key levels of $20,000 and $1,000, respectively, on Wednesday evening, with the global cryptocurrency market cap falling 1% intraday to $898.1 billion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
-0.95%
0.7%
$20,098.58
Ethereum (CRYPTO: ETH)
-3.9%
4.6%
$1,100
Dogecoin (CRYPTO: DOGE)
5%
12.4%
$0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
TerraClassicUSD (USTC)
+92%
$0.08
0x (ZRX)
+9.9%
$0.35
Stacks (STX)
+6.7%
$0.44
See Also: Best Crypto Debit Cards
Why It Matters: Bitcoin slipped below the $20,000 mark on Tuesday, touching a low of $19,937.79 over 24 hours, while Ethereum teetered around the $1,000 mark in the same time frame but managed to hold on to the level.
Cryptocurrency markets were under pressure after news emerged that a court in the British Virgin Islands had ordered the liquidation of the Zhu Su-led Three Arrows Capital (3AC) hedge fund.
Risk assets like stocks also remained soft amid “limited optimism” from earnings data supplied by retailers, according to Edward Moya, a senior market analyst from OANDA.
The analyst noted that investors removed $10 billion out of equity funds last week alone and it seems unlikely the sentiment on the U.S. Federal Reserve delivering a “soft landing” will improve drastically.
Moya also said, “If Bitcoin breaks below the recent low of around $17,500, there isn’t much support until the $14,500 level.”
On Wednesday, Fed Chair Jerome Powell said the central bank …
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