Benzinga - by Aniket Verma, .
Major cryptocurrencies inched lower on Tuesday on higher-than-expected wholesale inflation data for last month.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -2.10% | $61,719.45 |
| Ethereum (CRYPTO: ETH) | -2.11% | $2,890.58 |
| Dogecoin (CRYPTO: DOGE) | -1.67% | $0.1467 |
What Happened: World's largest cryptocurrency, Bitcoin slipped below $62,000, failing to sustain its gains from the previous trading day.
The market dip triggered $144 million in liquidations in the last 24 hours, with long liquidations touching $114 million. Bitcoin led the pack with $39.5 million in liquidations.
The price drop influenced the derivatives market's sentiment as traders taking short positions on Bitcoin sharply increased vis à vis those gunning for price increases in the last 24 hours.
The negative sentiment permeated as the U.S. Bureau of Labor Statistics reported a 0.5% increase in wholesale prices in April, higher than analysts' estimates, lowering expectations of an interest rate cut by the Federal Reserve
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Ethena (ENA) | +4.10% | $0.8947 |
| Lido DAO (LDO) | +3.11% | $1.97 |
| UNUS SED LEO (LEO) | +2.61% | $5.93 |
The global cryptocurrency market cap stands at $2.24 trillion, shrinking 2.12% in the past 24 hours.
In contrast, the equities market surged on the day. The Dow Jones Industrial Average added 126.60 points, or 0.32%, to close at 39,558.11. The S&P 500 gained 0.48% to end the trading session at 5,246.68 points. The tech-heavy Nasdaq Composite closed at a record high of 16,511.18, following a 0.75% uptick.
Investors chose not to overreact to the hotter-than-expected wholesale inflation data ahead of the more significant consumer price index data, slated to be released on Wednesday.
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Analyst Notes: According to on-chain analytics firm Santiment, bearish sentiment for large-cap cryptocurrencies was on the rise, as they failed to recover strongly. The firm also blamed Coinbase’s recent downtime for fueling the FUD.