Leading cryptocurrencies dipped on Wednesday, diverging with the stock market rally, as the market expects more from the new Donald Trump administration.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.33% | $103,392.39 |
| Ethereum (CRYPTO: ETH) |
-2.13% | $3,255.66 |
| Dogecoin (CRYPTO: DOGE) | -1.94% | $0.3612 |
What Happened: Bitcoin steadily fell from the highs of $107,000 tapped the day before. The top cryptocurrency hit an intraday low of $102,561 overnight.
Ethereum followed a similar trajectory, losing more than 2% of its value in the last 24 hours. The second-largest cryptocurrency has suffered losses of more than 5% over the week.
Though the SEC under acting Chairman Mark Uyeda launched a dedicated cryptocurrency task force to frame regulations for the industry, investors have been left disappointed due to no cryptocurrency-related executive orders from Trump thus far.
In the past 24 hours, 96,027 traders were liquidated, with total liquidations at $185.56 million. Upside bets worth $133.52 million were wiped out.
Long liquidations likely caused Bitcoin’s Open Interest to slip by 3.06% in the last 24 hours.
That said, a rebound to $107,000 could liquidate nearly $565 million worth of short positions.
The market …
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