Bitcoin wobbled, Ethereum, Dogecoin slid Thursday as top cryptocurrency-based firms reported their earnings after market close.
Cryptocurrency
Gains +/-
Price (Recorded 8:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
+0.60%
$65,132.07
Ethereum (CRYPTO: ETH)
-0.85%
$3,206.21
Dogecoin (CRYPTO: DOGE)
-3.24%
$0.1188
What Happened: Bitcoin dipped below $63,000 in the morning hours before clawing back to the $64,000 zone by afternoon. The choppy movement meant King Crypto was little changed in the day.
Ethereum slipped below $3,200, marking a drop of 10% since spot ETFs tracking the price of the asset went up for trading on stock exchanges.
MicroStrategy Inc. (NASDAQ:MSTR), Marathon Digital Holdings Inc. (NASDAQ:MARA), and Coinbase Global Inc. (NASDAQ:COIN) reported their Q2 earnings after the closing bell, involving a tale of hits and misses.
Market liquidations hit a weekly high of $291 million, with liquidations of bullish leveraged bets accounting for 79% of the total.
Consequently, traders going long on Bitcoin dipped sharply in the last 24 hours, according to the Longs/Short Ratio indicator.
About 38% of the market is bullish on Bitcoin as of this writing, according to Coinglass, with 27% having a bearish view. About 35% of the participants are neutral.
Top Gainers (24-Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 9 p.m. EDT)
Popcat (POPCAT)
+8.41%
$0.7183
AIOZ NETWORK (AIOZ)
+8.11%
$0.6123
Aave (AAVE)
+8.03%
$116.55
The global cryptocurrency market stood at $2.33 trillion, rising 0.02% in the last 24 hours.
Stocks sank lower on Thursday. The Dow Jones Industrial Average plunged 494.82 points, or 1.21%, to finish at 40,347.97. The S&P 500 plummeted 1.37% to close at 5,446.68, while the tech-focused Nasdaq Composite crashed 2.30% to close at 17,194.15. Both indexes recorded their best session since February.
The heavy sell-offs come following the release of worse-than-expected jobless claims data for the week ending July 27. Additionally, the manufacturing sector recorded the fourth straight month of contraction.
These weak macro indicators sparked fears of economic decline,
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Analyst Notes: Widely-followed cryptocurrency analyst and trader Rekt Capital predicted that the BTC's ongoing correction won't be as long as the previous ones.
"The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks to bottom. This current one could take only 2-3 weeks to bottom," the trader projected.
#BTC It's possible this current retrace won't take as long as the previous pullbacks The initial retrace inside the pattern took 5 weeks to bottom The one after that took 4 weeks to bottom This current one could take only 2-3 weeks to bottom$BTC #Crypto #Bitcoin pic.twitter.com/e9259YTgMl
— Rekt Capital (@rektcapital) August 1, 2024
Another popular name in the cryptocurrency circles, Ali Martinez, highlighted massive liquidations of bullish leveraged bets due to BTC's move below $63,000.
However, he cautioned short position traders that a rebound to $70,440 would wipe away $2.40 billion in downside bets.
A bunch of #Bitcoin bulls got rekt in this downswing. According to data from @coinglass_com, over $2.50 billion in leveraged long positions got liquidated as $BTC dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be... pic.twitter.com/QHULbk8vWy
— Ali (@ali_charts) August 1, 2024
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会（ASIC）の管理を受けております（AFSL No. 224663）。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。
