Leading cryptocurrencies dived on Thursday after hotter-than-expected wholesale inflation tempered risk appetite.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | -4.09% | $118,590.95 |
| Ethereum ETH/USD | -2.85% | $4,608.59 |
| XRP XRP/USD | -6.60% | $3.09 |
| Solana SOL/USD | -5.02% | $193.61 |
| Dogecoin DOGE/USD | -8.64% | $0.2253 |
Crypto Liquidations Hit $1 Billion
Bitcoin plummeted below $118,000 after reaching a new high of $124,000 on Wednesday. The apex cryptocurrency pared losses overnight after reentering $118,000.
The asset took another blow after Treasury Secretary Scott Bessent said that the government will not be buying additional BTC for the strategic national reserve.
Ethereum took a U-turn after getting close to breaking its previous record. Major altcoins like XRP and Solana also felt the pinch.
Over $1 billion was liquidated from the market over the last 24 hours, with bullish long traders losing over $873 million.
Both Bitcoin and Ethereum recorded a marked dip in open interest in the last 24 hours. Interestingly, Binance futures traders bought the dip, with more than 55% of the accounts positioned long.
The "Greed" sentiment tanked from 75 to 60 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| KuCoin Token (KCS) | +1.81% | $13.06 |
| UNUS SED LEO (LEO) | +1.08% | $9.36 |
| Kaia (KAIA) | +0.10% | $0.1575 |
The global cryptocurrency market capitalization stood at $4.02 trillion, following a decline of 3.87% in the last 24 hours.
Rate Cut Odds Fall Slightly
Stocks were a mixed bag on Thursday. The S&P 500 closed up 0.03% at 6,468.54, its third consecutive record close. The Dow Jones Industrial Average fell marginally by 0.02% to close at 44,911.26, while the tech-focused Nasdaq Composite finished down 0.01% at 21,710.67.
Stocks got pressured after the Producer Price Index rose faster-than-expected in July, reigniting concerns about the impact of President Donald Trump's tariff policies on inflation.
Traders now expect a 92% possibility that the central bank cuts interest rates by at its September meeting, down from 94% a day earlier, according to the CME FedWatch tool
Analyst Highlights Crucial Level For BTC
On-chain analytics firm CryptoQuant noted that the ETH/BTC price ratio crossed above its 365-day moving average, a level that historically "marked the start of bullish Ethereum cycles."
Widely followed cryptocurrency analyst and trader Michaël van de Poppe weighed in on the state of the market.
"Higher timeframe, I would assume we’ll go slightly lower [BTC], consolidate, ETH drops another 10% and then altcoins have 1-2 weeks of momentum," the analyst projected. "Crucial level to break at $121,000.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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