Leading cryptocurrencies seesawed Thursday as former President Donald Trump teased a plan to make the U.S. the "crypto capital of the planet."
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +0.10% | $59,203.54 |
| Ethereum (CRYPTO: ETH) | -0.10% | $2,525.93 |
| Dogecoin (CRYPTO: DOGE) | +0.12% | $0.1004 |
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)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| MultiversX (EGLD) | +4.85% | $29.51 |
| Flare (FLR) | +4.75% | $0.01614 |
| Ronin (RON) | +4.44% | $1.67 |
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.
#BTC
— Rekt Capital (@rektcapital) August 29, 2024
Bitcoin is already in the process of filling this new CME Gap
Reclaim $60600 as support and the CME Gap will likely be filled in its entirety$BTC #Crypto #Bitcoin pic.twitter.com/aPmYY4cbIA
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.
$BTC UPDATE
— Hardy (@Degen_Hardy) August 30, 2024
US session threw a curveball with that rejection,was eyeing a CME gap fill before any pullback.
Now the big question: will the bulls defend the 58K/59K support?
Still holding LONG. Ready to add if we dip lower.
Watching closely for bull div confirmations. Stay... pic.twitter.com/aL3QUGkDJW
Photo by Igor Faun on Shutterstock
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