Major cryptocurrencies fell on Wednesday, coinciding with a drop in stocks triggered by a downgrade of auto-related stocks.
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:15 pm EDT) |
| Bitcoin BTC/USD | -1.92% | $62,887.90 |
| Ethereum Ethereum/USD |
-2.61% | $2,572.07 |
| Dogecoin DOGE/USD | -0.91% | $0.1089 |
What happened: Bitcoin retreated steadily during US trading hours, falling as low as $62,770, a day after hitting more than a month-long highs.
Whales discharged billions of Bitcoins in the past 24 hours, posting gains from the previous day's highs.
A similar downward trend was observed for Ethereum which fell below $2,600 in midday trading, only to consolidate in the upper $2,500 region for the remainder of the day.
Total cryptocurrency liquidations amounted to $93 million in the past 24 hours, with traders with bullish leverage bearing the brunt of the losses.
Bitcoin open interest fell by more than 3%, indicating even more liquidations of long positions.
Market sentiment remained “Neutral,” according to the popular Cryptocurrency Fear and Greed Index.
Top Winners (24 hours)
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EDT) |
| world currency (WLD) | +13.57% | $2.08 |
| No-coin (NO) | +2.99% | $0.008202 |
| ONE BUT TIME (LION) | +1.84% | $5.85 |
The global cryptocurrency market stood at $2.21 trillion, shrinking 2.01% over the past 24 hours.
Stocks fell back on Wednesday after posting two consecutive days of record closing. Dow Jones Industrial Average fell 293.47 points, or 0.70%, to close at 41,914.75. The broad-based index S&P 500 Index The index fell 0.19% and closed at 5,722.26 points. Both blue-chip indices closed at record highs. The technology-focused index Nasdaq Composite Index defied the pullback to close marginally higher at 18,082.21.
Auto stocks contributed to the fall after analysts at Morgan Stanley degraded shares of Ford Motor Co. F and General Motors Company. Managing director.both fell by 4.14% and 4.89%, respectively.
Investors also looked at data on new single-family home sales, which fell 4.7% in August from the previous month.
See more: The best cryptocurrency scanners
Analyst Notes: Prominent Cryptocurrency Analyst Ali Martinez highlighted the importance of $63,300 as a support level for Bitcoin.
“If it holds, BTC can rise to $65,500, but if not, BTC will likely fall to $60,365!” the researcher commented.
With the leading cryptocurrency falling below the indicated level, it remains to be seen whether Martinez's prediction turns out to be correct.
Widely followed cryptocurrency trader, who uses the pseudonym K Crypto Coach He drew attention to the fact that Bitcoin recorded gains of 88% on average in the fourth quarter.
“If we hit that average, we're talking about $120,000. Now imagine what that would mean for altcoins,” the trader said.
Photo by stockphoto-graf on Shutterstock
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