Bitcoin Falters While Ethereum and XRP Gain Amid Rate Hike Expectations
Cryptocurrency prices remained stable on Wednesday as investors digested inflation data and rate hike expectations. Bitcoin saw an intraday high of $85,518 but pulled back to the $83,000 range by evening.
Ethereum consolidated between $2,650 and $2,730, while cryptocurrency-related stocks dipped further. Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed down 1.02% and 1.12%, respectively.
Over $260 million was liquidated from the market in the last 24 hours, with longs and shorts accounting for roughly equal shares, according to Coinglass data. The Crypto Fear & Greed Index showed that 'greed sentiment prevailed' in the market.
Rekt Capital, a widely followed cryptocurrency analyst, stated that Bitcoin needs to show stability above the low $80,000s for 'additional trend continuation to the upside.'