Leading cryptocurrencies edged lower Wednesday, as the speculative market continued to move in tandem with US stocks.
| Cryptocurrency | Gains +/- | Price (Recorded 9:00 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.74% | $55,400.85 |
| Ethereum (CRYPTO: ETH) | -4.19% | $2,361.55 |
| Dogecoin (CRYPTO: DOGE) | -4.95% | $0.09502 |
What Happened: Bitcoin trended downward as markets opened for trading, and dropped as low as $54,480 by late evening. The leading currency exhibited signs of recovery overnight, bouncing above $55,000.
Ethereum also went progressively downward during the day, hitting a low of $2,324 before rebounding overnight.
Liquidations increased slightly in the last 24 hours, with upwards of $215 million in derivatives bets getting wiped out. Ethereum led the chart with nearly $66 million in liquidations.
Bitcoin's Open Interest marginally declined by 0.06% in the last 24 hours, indicating liquidations of longs.
After a brief reprieve, the Cryptocurrency Fear & Greed Index returned to the "Extreme Fear" zone.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. EDT) |
| Popcat (SOL) (POPCAT) | +22.00% | $0.5177 |
| XRP (XRP) | +15.43% | $0.5833 |
| dogwifhat (WIF) | +13.43% | $1.59 |
The global cryptocurrency market stood at $1.93 trillion, shrinking 2.7% in the last 24 hours.
Stocks edged lower Wednesday as recovery from Monday's rout lost momentum. The Dow Jones Industrial Average dropped 234.21 points, or 0.60%, to close at 38,763.45. The S&P 500 ended 0.77% lower at 5,199.50, while the tech-heavy Nasdaq Composite fell 1.05% to close at 16,195.81.
Stock futures also dipped Wednesday overnight. Futures tied to the Dow Jones Industrial Average were down 0.1% as of 9:00 p.m. EDT, while the S&P 500 Futures edged 0.13% lower.
The U-turn came after stocks bounced back Tuesday, recovering from their worst session since 2022 on Monday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Prominent cryptocurrency analyst Ali Martinez predicted Bitcoin's further retreat to $54,500 as it failed to hold on to the $56,800 support.
These predictions were made after observing King Crypto's rising wedge price pattern.
Told ya!
— Ali (@ali_charts) August 7, 2024
I think #Bitcoin goes down to $54,500. pic.twitter.com/WyzatsVhJZ
Another widely-followed trader, going by the pseudonym XO revealed that they'd take bullish long positions on Bitcoin provided it retests the $50,000 – $52,000 level as support.
$BTC
— XO (@Trader_XO) August 7, 2024
If a backtest lower sets up then I plan to go long.
Given 50-52k Demand level holds.
It's only Wednesday, but a weekly close like this would evoke memories of March 2023 pic.twitter.com/0l0OcZeiUP
Photo by SvetlanaParnikova on Shutterstock
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