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Leading cryptocurrencies slid sharply on Tuesday as investors' risk appetite tapers ahead of key inflation data and the Federal Reserve’s interest rate decision.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | –3.21% | $67,241.29 |
| Ethereum (CRYPTO: ETH) | –4.63% | $3,496.33 |
| Dogecoin (CRYPTO: DOGE) | –4.67% | $0.138 |
What Happened: Bitcoin tumbled to lows of $66,100 earlier in the day before making a slight recovery to $67,100. Ethereum dipped below $3,500 for the first time in three weeks.
The downtrend triggered liquidations worth $261 million in the last 24 hours, with about 100,134 traders getting "rekted." Around $224 million in long positions were wiped out.
Speculative interest cooled down, as the Open Interest in Bitcoin futures dropped 3% in the last 24 hours. A fall in price, coupled with a fall in OI, confirms a downtrend.
Moreover, the number of traders betting on Bitcoin's price increase dropped further vis à vis those looking to profit from its decline, indicating a bearish sentiment.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Ondo (ONDO) | +4.72% | $1.26 |
| Pepe (PEPE) | +4.66% | $0.00001271 |
| UNUS SED LEO (INJ) | +1.10% | $5.92 |
The global cryptocurrency market cap is $2.44 trillion, declining 3.50% in the last 24 hours.
Stocks closed at record highs Tuesday. The broader index, S&P 500, rose 14.53 points, or 0.27%, to close at 5,375.32, while the tech-heavy Nasdaq 100 gained 0.88% to finish at 17,343.55. The Dow Jones Industrial Average, however, fell 0.31% to end at 38,747.42.
The rally was led by Apple Inc. (NASDAQ:AAPL), which surged more than 7% during the session.
The Federal Reserve began its two-day FOMC meeting, which will conclude on Wednesday with a decision on interest rates. Fed Chair Jerome Powell will hold a press conference later.
There was a 98% probability that the central bank will keep rates steady, according to CME FedWatch Tool.
See More: Best Cryptocurrency Scanners
Analyst Notes: On-chain analytics firm Santiment noted a surge in buy calls for Bitcoin on social media after the dip below $67,000.
"Historically, when the amount of sell calls (in red) is closing the gap on buy calls, that is when the panic and FUD is setting in, and most commonly leads to crypto bounces," Santiment stated.
"Historically, this is followed by 1-2 years of upward trends and frequent new all-time highs, with price increases of 2x to 10x," Peterson remarked.
In a more assuring take for the bulls, prominent cryptocurrency analyst Michaël van de Poppe pointed out that Bitcoin and the broader cryptocurrency market invariably correct before the Fed's interest rate decisions and inflation data release, and resume their uptrend after.
Photo by Matt Benzero on Shutterstock
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