Benzinga - by Aniket Verma, .
Leading cryptocurrencies saw a decline on Wednesday, extending the run of losses that started as the week began.
Cryptocurrency | Gains +/- | Price (Recorded 8:45 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | -1.94% | $61,407 |
Ethereum (CRYPTO: ETH) | -1.08% | $2.985.73 |
Dogecoin (CRYPTO: DOGE) | -3.96% | $0.1446 |
What Happened: The world's largest cryptocurrency, Bitcoin, dipped below $62,000 during the day, taking its week-to-date losses to over 6%. Popular meme coin Dogecoin witnessed a steeper decline, down more than 14% since the start of the week.
The price drop triggered liquidations worth more than $140 million in the 24-hour timeframe, with nearly $100 million in long positions getting wiped out. Bitcoin liquidations topped $37 million.
Surprisingly, the number of traders taking bullish long positions on Bitcoin spiked dramatically, exceeding those gunning for Bitcoin's price decline.
Bitcoin's Fear & Greed Index flashed "Greed," reflecting a degree of FOMO in the market, and a potential surge in buying pressure.
Top Gainer (24 Hour)
Cryptocurrency | Gains +/- | Price (Recorded 8:45 p.m. EDT) |
Kaspa (AIOZ) | +8% | $0.1208 |
THORChain (RUNE) | +6.76% | $5.75 |
Toncoin (TON) | +3.67% | $5.88 |
The global cryptocurrency market cap stands at $2.27 trillion, declining by 1.34% in 24 hours.
The U.S. equity market was a mixed bag on Wednesday. The Dow Jones Industrial Average rose 172.13 points, or 0.44%, to close at 39,056.39 points, extending its winning run to six straight sessions. The S&P 500 dropped 0.13% during the trading hours, ending at 5,187.67 points. The tech-focused Nasdaq Composite slipped 0.18% to 16,302.76 at the closing bell.
The yield on the 10-year Treasury rose to 4.496% as of 9:23 p.m. EDT.
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Analyst Notes: According to on-chain analytics firm IntoTheBlock, the correlation between cryptocurrencies and traditional markets, including equities, was closer to zero.
Bitcoin's correlation with the Dow was 0.25, while with the S&P 500, it was 0.40. This suggested that both asset classes were moving on separate wavelengths.
The 30-day correlation of BTC & ETH with traditional markets and commodities is currently close to 0, meaning crypto is doing its own thing right now.