Major cryptocurrencies fell on Thursday as market sentiment fell back into the “Extreme Fear” category.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:50 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO:BTC) | -2.26% | $101,065.30 |
| Ethereum (CRYPTO: ETH) |
-3.10% | $3,296.29 |
| XRP (CRYPTO:XRP) | -5.90% | $2.19 |
| Solana (CRYPTO: SOL) | -3.79% | $154.94 |
| Dogecoin (CRYPTO:DOGE) | -2.54% | $0.1614 |
Cryptos are losing momentum
Bitcoin The relief rally was short-lived as the peaked cryptocurrency fell back to an intraday low of $100,336.87. Ethereum, XRP and Solana also gave up the previous day’s gains.
Interestingly, JPMorgan analysts were optimistic about the asset in the short term, predicting it could reach $170,000 within 6 to 12 months.
Overall sentiment remained subdued, with BTC and ETH still 18% and 31%, respectively, below their all-time highs set earlier this year.
Over the past 24 hours, 196,202 traders were liquidated, for a total cryptocurrency liquidations of $562.82 million. according to in Coinglass. Nearly $370 million in bullish long positions were wiped out.
Bitcoin open interest increased by 0.61% in the last 24 hours. An increase in open interest, accompanied by a decrease in the spot price, generally indicates that new short positions are being opened.
The market has returned to “Extreme Fear” mode, according to to the Crypto Fear & Greed Index.
Top winners (24 hours)
| Cryptocurrency (Market capitalization >$100M) | Earnings +/- | Price (recorded at 8:50 p.m. ET) |
|---|---|---|
| DeAgent AI (AIA ) | +377.26% | $7.84 |
| Filecoin (THREAD) |
+55.53% | $2.11 |
| Arweave (AR ) | +39.78% | $5.89 |
The global cryptocurrency market capitalization stood at $3.38 trillion, down 1.67% from the previous day.
Stocks fall amid skepticism over rate cuts
Stocks came under pressure again on Thursday. THE Dow Jones Industrial Average fell 398.70 points, or 0.84%, to finish at 46,912.30. THE S&P500 slipped 1.12%, to end at 6,720.32, while the tech-focused market Nasdaq Composite closed down 1.9% to end at 23,053.99.
This drop comes after the president of the Federal Reserve of Chicago Austan Goolsbee expressed doubts about further rate cuts in an interview with CNBC, citing the prolonged government shutdown as the reason for the lack of recent inflation data.
Investors were also closely watching the Supreme Court’s decision regarding the president that of Donald Trump tariffs, with majority of justices appearing skeptical of its emergency powers
Be careful at this level
Arthur Azizov, founder and investor at B2 companiesadmitted in a note to Benzinga that Bitcoin’s decline is affecting broader cryptocurrency sentiment.
“Despite continued liquidity shortages and increased investor caution, I believe the $100,000 level is likely to remain Bitcoin’s base in the near term,” the analyst predicts.
Azizov added that if the Fed “actually resumes money printing sooner than expected,” it could be a bullish signal for long-term risk assets.
Widely Followed Cryptocurrency Analyst Ali Martinez pointed out that Bitcoin has historically rebounded when realized losses fall below 12%.
“It is now at -11%, signaling a potential rebound to come,” Martinez predicted.
Read next:
Photo courtesy: Shutterstock
