The cryptocurrency market remained calm Tuesday ahead of the Federal Reserve’s interest rate decision, with traders expecting the central bank to keep rates unchanged.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.26% | $117,951.86 |
| Ethereum (CRYPTO: ETH) | +1.63% | $3,804.28 |
| Dogecoin (CRYPTO: DOGE) | +0.86% | $0.2255 |
What Happened: Bitcoin continued to fluctuate between $117,000 and $119,000, as trading volume remained thin. This, despite a $2.52 billion purchase by Strategy Inc. (NASDAQ:MSTR) using the proceeds from the initial public offering of its STRC preferred stock.
Ethereum, meanwhile, rose slightly, helped by significant investments by Cathie Wood-led Ark Invest in BitMine Immersion Technologies Inc. (AMEX:BMNR), a firm that has adopted ETH as its primary reserve asset.
Bitcoin's market dominance dipped to 60.6%. On the other hand, Ethereum's market share increased to 11.9%
Cryptocurrency liquidations shot up to $300 million in the last 24 hours, with $209 million in upside bets wiped out.
Bitcoin's open interest dropped by 1.45% in the last 24 hours. The majority of Binance derivatives traders with open BTC positions continued to bet on the coin's price drop, according to the Long/Shorts ratio.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Pump.fun (PUMP) | +15.13% | $0.002762 |
| XDC Network (XDC) | +11.74% | $0.09987 |
| Four (FORM) | +11.04% | $3.80 |
The global cryptocurrency market capitalization stood at $3.88 trillion, following a modest increase of 0.46% in the last 24 hours.
Stocks retreated from record highs on Tuesday. The Dow Jones Industrial Average dropped 204.57 points, or 0.46%, to close at 44,632.9. The S&P 500 fell 0.30%, ending at 6,370.86, while the tech-heavy Nasdaq Composite slid 0.38% to finish at 21,098.29.
Investors will likely shift focus to the Federal Reserve’s interest rate decision on Wednesday, with the market pricing in more than a 97% chance that rates will remain steady at the current range of 4.25% to 4.5%, according to the CME FedWatch tool.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency trader The Crypto Monk spotted Bitcoin forming a new range before the monthly close.
"Don’t see much room for a retracement. Next impulse is probably gonna send it to $130,000," the trader predicted.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe predicted another leg upward for Ethereum, with a target at $4,100.
"I assumed we’d had a slightly deeper correction on ETH. Didn’t happen," the analyst said. "I think we’ll sweep that level [$4,100] and consolidate for a little."
Photo: Yalcin Sonat on Shutterstock.com
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