Bitcoin rose and stocks closed at record highs on Thursday as investors digested the Federal Reserve’s recent rate cut.
| Cryptocurrency | Profit +/- | Price (recorded at 8:25 PM ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $92,081.10 |
| Ethereum (CRYPTO:ETH) | -0.52% | $3,232.87 |
| XRP (CRYPTO:XRP) | +0.59% | $2.02 |
| Solana (CRYPTO: SOL) | +2.93% | $136.80 |
| Dogecoin (CRYPTO: DOGE) | +0.27% | $0.1402 |
Bitcoin’s rebound increases open interest
The top cryptocurrency rose to $93,550 late in the afternoon, but retreated to the $91,000 region overnight. Trading volume fell by 3% in the last 24 hours.
Ethereum hovered around $3,200 all day, with an attempt to break $3,270 thwarted by bears. XRP And Dogecoin made a slight profit…
Shares of cryptocurrency-linked stocks Strategy Inc. (NASDAQ:MSTR) And Coinbase Global Inc. (NASDAQ: MINT) closed down 0.73% and 2.21%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Read more about MSTR and COIN here.
Cryptocurrency liquidations amounted to $376 million in the last 24 hours, according to to Coinglass, clearing $227 million in bullish long positions.
Bitcoin open interest rose 2.27% to $59.20 billion over the past 24 hours, while funds tied up in Ethereum derivatives rose 0.29%.
Meanwhile, 62% of Binance Traders with open BTC positions were betting on a price increase, according to the Long/Short Ratio.
The ‘fear’ sentiment persisted in the market, according to to the Crypto Fear and Greed Index.
Top risers (24 hours)
| Cryptocurrency (market cap>$100 million) | Profits +/- | Price (recorded at 8:25 PM ET) |
| To cook (KTA) | +38.51% | $0.3390 |
| Zcash (ZEC) | +16.44% | $459.26 |
| Onyx coin (XCN) | +15.02% | $0.005841 |
The global cryptocurrency market cap reached $3.14 trillion, after rising modestly by 0.17% in the past 24 hours.
Stocks Collect to new highs
Stock markets closed at record highs on Thursday. The Dow Jones Industrial Average climbed 646.26 points, or 1.34%, to end at 48,704.01. The S&P500 rose 0.21% to end the day at 6,901.00. The tech-heavy Nasdaq Composite was the outlier, retreating 0.26% to settle at 23,593.86.
Shares of Oracle Corp. (NASDAQ:ORCL) fell 10.83% after earnings and expectations disappointed Wall Street.
The Federal Reserve cut the Fed Funds rate by 25 basis points to 3.50-3.75% on Wednesday. Fed Chairman Jerome Powell also downplayed the prospect of a rate hike in the near future.
ETH to Witness Upward Momentum?
Blockchain analytics firm CryptoQuant noted that the flow of Ethereum takers on Binance was recovering from the sell-off pressure that peaked in late October.
Net Taker Volume tracks the balance between aggressive buyers and sellers,” according to CryptoQuant. “The recent increase in Net Taker Volume shows that buyers are returning.”
According to the research agency, the increase “opens the door” for upward price momentum.
Michael van de Poppea widely followed cryptocurrency analyst and trader, called Bitcoin’s price action “amazing” and noted that the odds of testing $100,000 in 2025 have risen.
“Well, this isn’t going to break down,” Van De Poppe predicted.
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