On Wednesday, leading cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a pullback, coinciding with a notable decline in auto stocks, which triggered an overall equities slump. Analysts have forecasted Bitcoin’s potential dip to $60.36K, predicting a significant market impact. The Grayscale Bitcoin Mini Trust (BTC) common units of fractional undivided beneficial interest (ARCA:BTC) also mirrored this trend.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin BTC/USD | -1.92% | $62,887.90 |
| Ethereum ETH/USD | -2.61% | $2,572.07 |
| Dogecoin DOGE/USD | -0.91% | $0.1089 |
Market Dynamics and Analysis: Bitcoin experienced a steady decline during U.S. trading hours, touching $62,770 after registering a one-month high the previous day. Whales offloaded billions of Bitcoins, locking in profits from recent peaks.
Ethereum displayed a similar trend, dropping below $2,600 during midday before steadying in the higher $2,500 range as the day progressed.
Overall cryptocurrency liquidations totaled $93 million within the last day, significantly impacting bullish leveraged traders. Bitcoin’s Open Interest dropped by more than 3%, indicating increased long liquidations.
The Cryptocurrency Fear & Greed Index showed market sentiment as “Neutral.”
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| Worldcoin (WLD) | +13.57% | $2.08 |
| Notcoin (NOT) | +2.99% | $0.008202 |
| UNUS SED LEO (LEO) | +1.84% | $5.85 |
Globally, the cryptocurrency market’s capitalization stood at $2.21 trillion, a reduction of 2.01% in 24 hours.
Equity Market Review: On the equities front, stocks drew back from recent highs. The Dow Jones Industrial Average declined by 293.47 points (0.70%) to close at 41,914.75. Additionally, the broad-based S&P 500 fell by 0.19% to end at 5,722.26. Notably, the tech-centric Nasdaq Composite marginally increased, closing at 18,082.21.
The downgrades of Ford Motor Co. (Ford) and General Motors Co. (GM) by Morgan Stanley contributed to the downturn, with both companies’ stocks falling 4.14% and 4.89%, respectively.
Moreover, investors reviewed new data indicating that single-family home sales fell by 4.7% in August compared to the previous month.
Read More: Best Cryptocurrency Scanners
Analyst Insights: Renowned cryptocurrency analyst Ali Martinez underscored the critical support level for Bitcoin at $63,300. Martinez suggested, “If BTC holds this level, it could climb to $65,500; otherwise, it might drop to $60,365.”
Furthermore, celebrated trader known as Coach K Crypto highlighted Bitcoin’s historical average gains of 88% in the fourth quarter. He remarked, “If we meet this average, we’re looking at $120,000. Imagine the potential boost for altcoins.”
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