Rate Hike Odds Jump, Crypto Markets Correct Lower
Cryptocurrency markets saw a correction on Wednesday as hotter-than-expected macro data signaled another potential rate hike. Bitcoin dropped from $87,000 to an intraday low of $83,654.39, while Ethereum retreated to $2,600.
XRP and Dogecoin recorded steeper declines, with cryptocurrency-related stocks also falling. Strategy Inc. (NASDAQ:MSTR) closed down 3.07%, and Bitmine Immersion Technologies Inc. (NYSE:BMNR) fell 4.52%.
Over $540 million in long positions were liquidated from the market over the last 24 hours, with BTC's open interest plummeting 6.63%. The top gainers in the past 24 hours saw a small portion of the losses.
Ali Martinez, an analyst and trader, noted that Bitcoin's daily chart formed a 'double bottom' pattern, suggesting $82,500 as key support. He also reiterated his target for BTC at $100,000.