Leading cryptocurrencies failed to capitalize on the recent spike, even as stock futures lifted after Nvidia Corp. (NASDAQ:NVDA) reported stronger-than-expected third-quarter financials.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.17% | $92,245.67 |
|
Ethereum (CRYPTO: ETH) |
-2.39% | $3,031.47 |
| XRP (CRYPTO: XRP) | -3.61% | $2.12 |
| Solana (CRYPTO: SOL) | -1.44% | $138.96 |
| Dogecoin (CRYPTO: DOGE) | -3.36% | $0.1553 |
Relief Rally Loses Momentum
Bitcoin bounced from the lows of $88,500, reaching an intraday high of $92,000s overnight, even as trading volume tumbled 20% in the last 24 hours.
Ethereum's relief bounce also lost steam, as the second-largest cryptocurrency fell to an intraday low of $2,871.23.
Shares of Bitcoin holding company Strategy Inc. (NASDAQ:MSTR) plunged over 9% in the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR here.
Cryptocurrency liquidations exceeded $650 million in the last 24 hours, according to Coinglass, with over $480 million in bullish longs liquidated.
That said, roughly $383 million in shorts could be liquidated if Bitcoin reclaimed $95,000.
Bitcoin's open interest rose 2.74% in the last 24 hours. Over 75% of Binance traders with open BTC positions were positioned long, according to the Long/Short Ratio.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Starknet (STRK ) | +17.48% | $0.2522 |
|
ZKSync (ZK) |
+13.97% | $0.05232 |
| Zcash (ZEC ) | +10.56% | $673.69 |
The global cryptocurrency market capitalization stood at $3.11 trillion, following a drop of 1.69% in the last 24 hours.
Stock Futures Spike On Nvidia’s Q3 Beat
Stock futures rallied overnight on Wednesday. The Dow Jones Industrial Average Futures lifted 233 points, or 0.51%, as of 7:40 p.m. EDT. Futures tied to the S&P 500 rose 1.19%, while Nasdaq 100 Futures gained 1.72%.
The uptick came after Nvidia’s third-quarter earnings and revenue beat Wall Street's expectations, marking the 12th straight double beat for the chipmaking giant.
Earlier in the day, stocks snapped a four-day losing streak. The Dow Jones Industrial Average climbed 47.03 points, or 0.1%, to finish at 46,138.77. The S&P 500 rose 0.38% to close at 6,642.16, while the tech-focused Nasdaq Composite added 0.59% to end at 22,564.23.
The minutes from the Federal Reserve's meeting released Wednesday showed a clear split among participants on the future path of interest rates.
Bitcoin Whales Back To Accumulation Mode?
Blockchain analytics firm Santiment noted a sharp uptick in Bitcoin whale activity lately, coinciding with the drop in prices.
Over 29,000 transactions, worth over $1 million, have been recorded this week, while transactions valued at more than $100,000 have hit nearly 103,000.
"This week has a good chance of ending up as the most active whale week of 2025, with the context of these whale moves gradually turning from dumping to accumulating again," Santiment added.
Widely followed cryptocurrency analyst and trader DonAlt stated that "Nvidia pump" rescued Bitcoin.
"Still needs to pump to $94,000 to rescue the weekly and then hold $95,000 to close the monthly," the analyst projected. "This is at least a first step but it’s a long treacherous road to recover from this."
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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