Leading cryptocurrencies seesawed Thursday as former President Donald Trump teased a plan to make the U.S. the "crypto capital of the planet."

What Happened: Bitcoin rallied above $61,000 in early trading hours, only to reverse sharply to $59,000 later in the day.

Ethereum also soared nearly to $2,600, only to later retrace to the early $2,500s and consolidate.

The rally followed Trump's X post early morning, where he unveiled a "plan" to make the U.S. the "crypto capital of the planet."

In the past 24 hours, 43,890 traders were liquidated, with total liquidations at $118.52 million. Long liquidations made up 68% of the total.

Bitcoin's Open Interest rose marginally by 0.35% in the last 24 hours to $30.75 billion.

The market remained in "Fear" as of this writing, according to the Cryptocurrency Fear & Greed Index, implying a strong selling pressure.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.08 trillion, following a marginal increase of 0.05% in the last 24 hours.

Stocks were a mixed bag on Thursday. The Dow Jones Industrial Average climbed 243.63 points, or 0.59%, to close at a record high of 41,335.05. The broad-based index S&P 500 ended marginally below the flatline at 5,591.96, while the tech-heavy Nasdaq Composite dipped 0.23% to end at 17,516.43.

AI behemoth NVIDIA Corp. (NASDAQ:NVDA) plunged 6.38% during Thursday's trading after reporting better-than-expected second-quarter results.

On the macroeconomic front, the U.S. economy grew 3% in the second quarter, a significant expansion from the 1.4% growth seen in the first quarter.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital noted that Bitcoin was in the process of filling the CME gap – differences in price between the closing price on a given trading day and the opening price on the following trading day.

"Reclaim $60600 as support and the CME Gap will likely be filled in its entirety," the analyst emphasized.

Another cryptocurrency trader, Hardy noted how the U.S. trading session imparted a "curveball" to Bitcoin's trajectory after bullish European sessions.

"Now the big question: will the bulls defend the 58K/59K support," the trader commented, adding that they would continue to hold and even add more if King Crypto dips further.

Photo by Igor Faun on Shutterstock

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