Crypto Markets Hold Steady Amid Softer Producer Inflation Data
Crypto markets were relatively steady on Thursday, despite Bitcoin's attempt to break above $64,000 fizzling out. The apex cryptocurrency fell below $63,000 after a 19% drop in 24-hour volume. Ethereum wobbled within the $1,861-$1,898 range, with a 12% decline in trading volume. XRP and Dogecoin posted modest gains.
Crypto-related stocks rose, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 2.39% and 2.24%, respectively. A total of nearly $212 million was liquidated from the cryptocurrency market in the last 24 hours, with long and short liquidations broadly balanced.
The global cryptocurrency market capitalization stood at $2.17 trillion, declining 0.47% from the previous day. Bitcoin's open interest slid 0.68% over the last 24 hours, but retail and whale derivatives traders on Binance remained net long on the apex cryptocurrency despite the price decline.