Leading cryptocurrencies moved sideways Wednesday as Federal Reserve Chair Jerome Powell signaled slower growth and hotter inflation after the central bank left interest rates unchanged.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:50 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.15% | $104,630.33 |
| Ethereum (CRYPTO: ETH) | -0.27% | $2,515.68 |
| Dogecoin (CRYPTO: DOGE) | +0.37% | $0.1698 |
What Happened: Bitcoin consolidated in the $104,000-$105,000 range, with trading volumes plummeting 11% in the last 24 hours.
Similarly, Ethereum fluctuated around $2,500, with an 18% volume decline indicating a lack of interest among traders.
Both assets have stagnated in June after their May surges, with BTC up 0.23% and ETH up 0.03%.
Over $224 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses.
Bitcoin’s Open Interest dipped 1.24% in the last 24 hours, while ETH recorded a 2.35% fall in funds locked in its derivatives contracts.
Meanwhile, the percentage of Binance traders with long BTC positions fell in the last 24 hours, according to the Long/Short ratio.
The market sentiment returned to "Greed," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:50 p.m. ET) |
|---|---|---|
| Aerodrome Finance (AERO) | +19.02% | $0.8917 |
| Raydium (RAY) | +17.56% | $2.42 |
| Kaia (KAIA) | +7.60% | $0.1723 |
The global cryptocurrency market capitalization stood at $3.25 trillion, following a dip of 0.22% in the last 24 hours.
Major stock indexes closed in the red on Wednesday. The Dow Jones Industrial Average dipped 44.14 points, or 0.10%, to close at 42,171.66. The S&P 500 lost 0.03% to end at 5,980.87. The tech-focused Nasdaq Composite was the silver lining, edging up 0.13% to close at 19,546.27.
As widely expected, the Fed left the interest rates unchanged at 4.25%-4.50%, while signaling slower growth and hotter inflation. Later in the day, Fed Chair Powell called tariffs a significant source of uncertainty but downplayed ongoing tensions in the Middle East.
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Analyst Notes: In a statement to Benzinga, Arthur Azizov, founder and investor at B2 Ventures, noted "very few positive developments" are currently occurring.
"If no positive sentiment emerges in the near future, Bitcoin could very well retreat into the $90,000-$84,000 range. On the other hand, if a positive backdrop does appear--particularly if the Fed signals a rate cut--then Bitcoin is likely to reach $128,000 by the end of the year," Azizov said.
He said the key levels to watch are $112,000 and $100,500, with no "major" surges or corrections in sight.
Blockchain analytics firm Santiment stated that the Iran-Israel conflict would continue to cause "volatile and unpredictable price action.
"Despite the initial panic, Bitcoin has remained in the $104,000-$105,000 range, aided by consistent ETF inflows and a lack of follow-through in military actions, mirroring the typical ‘risk-off, then stabilize’ pattern seen in previous geopolitical crises," Santiment added.
Photo Courtesy: sundaemorning on Shutterstock.com
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