Bitcoin, Ethereum, XRP, Dogecoin Dip: Top Analyst Says BTC Whales 'Staying on Sidelines' as CPI Data, Fed Move on Interest Rates Loom
Leading cryptocurrencies declined on Wednesday as investors reacted to a spike in Treasury yields and rising tensions between the U.S. and Iran.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:20 p.m. EDT)Bitcoin (CRYPTO: BTC)-0.53%$78,246.01Ethereum (CRYPTO: ETH) -1.00%$2,467.14XRP (CRYPTO: XRP) -1.96%$1.39Solana (CRYPTO: SOL) -2.33%$101.28Dogecoin (CRYPTO: DOGE) -4.93%$0.08593Crypto Market in RedBitcoin struggled to break over $80,000 as the coin’s trading volume dived 13% over the last 24 hours. Ethereum wobbled within the $2,440-$2,522 range, while XRP and Dogecoin recorded sharp declines.Cryptocurrency-related stocks also fell, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 2.80% and 2.26%, respectively.Nearly $390 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.Bitcoin’s open interest fell 0.44% over the last 24 hours. Interestingly, Binance derivatives traders with open BTC positions remained net long, although the long exposure declined.Top Gainers (24 Hours)Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:20 p.m. EDT)Mina (MINA) +16.78% $0.09435STONK (STONK) +16.51% $0.1775Ape and Pepe (APEPE) +14.90% $0.000001365The global cryptocurrency market capitalization stood at $2.69 trillion after falling 0.43% in the last 24 hours. Read Also: Stocks Extend LossesThe stock market inched lower on Wednesday. The Dow Jones Industrial Average tumbled 405.41 points, or 0.77%, to end at 52,380.66. The S&P 500 fell 0.48% to close at 7,636.36, and the tech-focused Nasdaq Composite declined 0.64% to settle at 26,253.34.The 10-year Treasury yields jumped to a 3-year high even as the Treasury Department tripled its buyback operation of longer-dated government bonds to $6 billion.Meanwhile, Brent crude surged above $100 per barrel following military exchanges in the Middle East.What Are Bitcoin Whales Upto?Leading chartist and on-chain researcher Ali Martinez noted that Bitcoin whale holdings have stayed flat over the past week.“That suggests large holders are staying on the sidelines as they await the upcoming CPI report and FOMC meeting before making their next move,” the analyst stated.BITCOIN WHALES ARE WAITING!Bitcoin whale holdings have remained virtually unchanged at around 5.23 million over the past week.That suggests large holders are staying on the sidelines as they await the upcoming CPI report and FOMC meeting before making their next move. Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, viewed Bitcoin’s recent movement as a weak bounce and remained skeptical of any near-term upside.“If this doesn’t hold $78,000, this can be one of those hard sweeps on the markets as I’d be willing to be buying anything around $74,000 for Bitcoin,” he added.To be honest, I don't think that we'll continue to be run upwards (for now).Quite a weak bounce, and we still need to hold $78,000 to continue going up.If this doesn't hold $78,000, this can be one of those hard sweeps on the markets as I'd be willing to be buying anything… Read Also: Bitcoin Holds $79,000, Defying Fed Hike Fears: What Is Going On? Photo: KateStock / Shutterstock