Leading cryptocurrencies moved sideways as investors took caution ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium.
| Cryptocurrency | Gains +/- | Price (Recorded 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.23% | $60,807.05 |
| Ethereum (CRYPTO: ETH) | +0.37% | $2,638.70 |
| Dogecoin (CRYPTO: DOGE) | +0.21% | $0.1062 |
What Happened: Bitcoin lifted to $61,390 early morning only to retrace and consolidate in the $60,000 zone.
Ethereum also chopped in the $2,600-$2,650 zone during the day.
In the past 24 hours, 28,981 traders were liquidated, with the total cryptocurrency liquidations at $82.64 million. More than $50 million in bullish bets was wiped out.
Bitcoin's Open Interest rose 0.37% over the last 24 hours, while the number of traders taking bullish long positions on the cryptocurrency exceeded those going short.
The pullback caused the reading on the Cryptocurrency Fear & Greed Index to drop from 39 to 34, reflecting an environment of "Fear" in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bittensor (TAO) | +11.58% | $330.81 |
| Avalanche (AVAX) | +9.88% | $25.94 |
| Floki (FLOKI) | +8.27% | $0.0001384 |
The global cryptocurrency market stood at $2.15 trillion, following a marginal increase of 0.40% in the last 24 hours.
Stocks retreated on Thursday. The Dow Jones Industrial Average dropped 177.71 points, or 0.43%, to close at 40,712.78. The broad-based index S&P 500 slid 0.89% to end at 5,570.64. The tech-focused Nasdaq Composite dipped 1.67% to end at 17,619.35.
The downward pressure came ahead of Powell's speech, anticipated to provide further clues on the central bank's potential interest rate cut plan next month. Fed minutes released Wednesday indicated a bias toward lowering rates, the first in four years.
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Analyst Notes: A prominent cryptocurrency analyst, Bitcoin Munger, drew attention to Bitcoin's aggressive accumulation by investors with more than 10,000 in holdings.
"Mega Whales (over 10,000 BTC) are signaling that we are on the verge of a big move to the upside," the analyst remarked.
Another widely-followed cryptocurrency analyst, Seth, noticed the formation of an ascending triangle for Bitcoin.
The upper boundary of the pattern was at $61,941, breaching which could send King Crypto past $70,000, the trader predicted.
Image via Shutterstock
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