Cryptocurrency Market Sees Muted Activity Amid Rate Hike Odds Reduction

The cryptocurrency market saw muted activity on Wednesday despite softer private employment data reducing rate hike odds.

Crypto24-Hour Gains +/-Price (Recorded at 9:15 p.m. EDT)

Bitcoin, the largest cryptocurrency by market capitalization, remained steady with a 0.14% gain and a price of $77,532.54. Ethereum, however, dipped 0.95% to $2,389.24. XRP and Dogecoin recorded gains of 0.89% and 0.77%, respectively.

According to Coinglass data, over $280 million was liquidated from the market in the last 24 hours, with long position traders bearing the brunt of the losses. Bitcoin's open interest fell 0.35% over the same period.

Ali Martinez noted that whales have been accumulating BTC despite the correction. Since Bitcoin's retracement from $81,474 to $76,732, whales have purchased approximately 6,765 bitcoin:native, worth roughly $521 million.