Crypto Prices Plummet Amid Rate Hike Bets
Cryptocurrency prices plummeted on Wednesday as hot macro data suggested another rate hike is looming. Bitcoin (BTC) descended from $87,000 to hit an intraday low of $83,654.39. Ethereum also retreated, falling below $2,600. XRP and Dogecoin recorded sharper declines.
The global cryptocurrency market capitalization dropped 2.60% in the last 24 hours, reaching $2.96 trillion. Over $540 million was liquidated from the market during this period, with long positions taking the heaviest losses. Bitcoin's open interest plummeted 6.63%, and its Long/Short ratio dipped below 1.
Crypto-related stocks also fell, with Strategy Inc. (MSTR) closing down 3.07% and Bitmine Immersion Technologies Inc. (BMNR) dropping 4.52%. Ali Martinez, a widely followed cryptocurrency analyst and trader, noted a 'double bottom' pattern on Bitcoin's daily chart, suggesting the $82,500 horizontal neckline will remain as a key support.