Leading cryptocurrencies fell on Wednesday, but stocks recovered, as the Trump administration remained resolute in its stance against China.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.48% | $110,900.78 |
|
Ethereum (CRYPTO: ETH) |
-2.29% | $3,995.86 |
| XRP (CRYPTO: XRP) | -3.41% | $2.41 |
| Solana (CRYPTO: SOL) | -4.15% | $194.27 |
| Dogecoin (CRYPTO: DOGE) | -3.37% | $0.1969 |
Crypto Market Falters
Bitcoin meandered in the $111,000 region as trading volume declined sharply. Spot exchange-traded funds linked to the asset recorded net outflows of more than $90 million on Oct. 15, according to SoSo Value.
Ethereum dipped below $4,000 but found good support in the $3,900 zone. Trading volume declined 27% over the last 24 hours. XRP and Dogecoin also edged lower.
Cryptocurrency liquidations reached $442 million in the last 24 hours, with nearly $400 million in long positions wiped out from the market, according to Coinglass. That said, nearly $500 million in BTC shorts risked liquidation if the asset rebounds to $115,000
Bitcoin’s open interest declined 1.77% in the last 24 hours, and more than 23% since the all-time highs hit earlier this month.
"Fear" sentiment continued to define the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bless (BLESS) | +591.90% | $0.2165 |
|
BNB Attestation Service (BAS) |
+56.14% | $16.65 |
| ChainOpera AI (COAI ) | +19.48% | $0.7964 |
The global cryptocurrency market capitalization stood at $3.75 trillion, following a decrease of 2.24% in the last 24 hours.
Stocks Rebound, Gold Strengthens
The stock market bounced back on Wednesday. The S&P 500 gained 0.4% to close at 46,253.31, while the tech-focused Nasdaq Composite ended up 0.7% at 22,670.08. The Dow Jones Industrial Average inched lower, sliding 17.15 points, or 0.04%, to end at 46,253.31.
The recovery came despite Treasury Secretary Scott Bessent stating that the recent sell-offs won't deter Washington from taking "strong measures" against China.
Last week, Trump threatened "100% tariffs" on China over its "aggressive" stance on export controls, sending stocks and cryptocurrencies crashing.
Meanwhile, gold continued its record-breaking run, surging past $4,200 per ounce.
Why ETH Should Hold This Level
Widely followed cryptocurrency analyst and trader Ali Martinez highlighted $3,900 as a "major support zone" for Ethereum.
"Iff it holds, the Pricing Bands point to a move toward $5,000 or even $6,000," Martinez predicted.
The Market Value Realized Value Deviation Pricing Bands model price levels based on deviations from its realized price and help identify market cycle tops and bottoms.
Blockchain analytics firm CryptoQuant said that Bitcoin has moved into the later stage of its bull cycle, with long-term investors booking profits while short-term holders taking control.
"The key signal to watch next will be a decline in short-term holder share, which would mark the start of a renewed accumulation phase led by long-term investors," CryptoQuant added.
Photo Courtesy: Travis Wolfe on Shutterstock.com
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