Leading cryptocurrencies dropped further on Wednesday as Federal Reserve minutes painted a bearish outlook for risk-on assets.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:15 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.27% | $94,545.96 |
| Ethereum (CRYPTO: ETH) |
-1.40% | $3,329.12 |
| Dogecoin (CRYPTO: DOGE) | -2.20% | $0.3402 |
What Happened: Bitcoin dipped below $93,000 during the afternoon hours before swinging back above $94,000 overnight.
The leading cryptocurrency has corrected sharply from the highs of $102,000 hit earlier in the week.
Ethereum fell to an intraday low of $3,209, its lowest since Dec. 20.
The downtrend triggered liquidations of over $539 million in the last 24 hours, with more than $400 million in upside bets getting wiped out.
Bitcoin’s Open Interest dropped 3.21% in the last 24 hours. A drop in Open Interest, coming alongside a drop in price, also indicated the liquidation of long positions.
Despite this, over 63% of traders on Binance were going long, according to the Long/Short Ratio, suggesting that they were buying the dip.
The market …
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