Bitcoin continued to make records as supportive inflation numbers raised the market’s expectations of further interest rate cuts by the Federal Reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +1.79% | $89,874.80 |
| Ethereum (CRYPTO: ETH) |
-2.11% | $3,190.24 |
| Dogecoin (CRYPTO: DOGE) | +1.10% | $0.3925 |
What Happened: The world’s largest cryptocurrency sailed above $93,000 during U.S. trading hours Wednesday, before a sharp correction into the $89,000 zone.
Bitcoin’s dominance rose to 60%, reflecting that investors were far more confident in it than other cryptocurrencies.
Ethereum also rallied to an intraday high of $3,366, later cooling down to $3,190, as investors began cashing out.
Nearly $850 million in derivatives contracts was erased in the last 24 hours, with leveraged longs accounting for 61% of the total.
Bitcoin’s Open Interest (OI) rose 2.30% in the last 24 hours, signaling higher speculative interest.
Most top trader accounts on Binance were still positioned …
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