Major cryptocurrencies weakened while stocks rose sharply on Wednesday as the Trump administration reportedly moves closer to military conflict with Iran.
Crypto market is lagging behind
Bitcoin fluctuated between the high $65,000 and low $68,000 as trading volume fell over the past 24 hours.
Ethereum also traded with low volatility, limited to a narrow range of just under $2,000. XRP And Dogecoin recorded sharp 24-hour declines.
More than $220 million has been liquidated from the market in the past 24 hours. according to to Coinglass, with long-term liquidations once again bearing the brunt of the losses.
Bitcoin open interest is up 1.31% over the past 24 hours. Rising open interest combined with falling prices often indicates a short build, reflecting strong bearish sentiment.
The ‘extreme fear’ sentiment gripped the market, according to to the Crypto Fear & Greed Index.
Top risers (24 hours)
The global cryptocurrency market cap reached $2.32 trillion, after falling 1.91% in the past 24 hours.
Stocks rise, precious metals stagnate
Stock prices rose sharply on Wednesday. The Dow Jones Industrial Average rose 129.47 points, or 0.26%, to end at 49,662.66. S&P500 rose 0.56% to end at 6,881.31, amid heavy tech Nasdaq Composite rose 0.78% to close at 22,753.63.
Defense-related stocks rose after a report showed the Trump administration is moving closer to a “major” military operation against Iran.
SPDR S&P Aerospace & Defense ETF (NYSE:XAR) and Global X Defense Tech ETF (NYSE:SHLD) closed 1.76% and 2.56% higher, respectively.
Precious metals remained within the range as spot gold fell 0.33% to $4,961 per ounce, while spot silver fell 0.74% to $76.61 per ounce.
Has the bottom been reached for Bitcoin?
Widely followed cryptocurrency analyst and trader Ali Martinez compared Bitcoin’s current market to the 2022 pullback, predicting a further decline to at least $51,000 while questioning those who claim the bottom has been reached.
Michael van de Poppeanother prominent cryptocurrency commentator, anticipated a “big move on the horizon” for Bitcoin, after a period of low volatility.
“If we go down, I will definitely be a big buyer,” the analyst said. “If we go back up, I will take some profit on a test of $80,000-$85,000 to trade the trend.”
Photo: jira pliankharom / Shutterstock
#Bitcoin #Ethereum #Flat