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Bitcoin rose, and stocks closed at record highs on Thursday, as investors digested the Federal Reserve’s recent rate cut.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $92,081.10 |
| Ethereum (CRYPTO: ETH) | -0.52% | $3,232.87 |
| XRP (CRYPTO: XRP) | +0.59% | $2.02 |
| Solana (CRYPTO: SOL) | +2.93% | $136.80 |
| Dogecoin (CRYPTO: DOGE) | +0.27% | $0.1402 |
The apex cryptocurrency ran up to $93,550 late afternoon, only to retreat to the $91,000 region overnight. Trading volume dipped 3% over the last 24 hours.
Ethereum wobbled in the $3,200 range throughout the day, with an attempt to breach $3,270 thwarted by bears. XRP and Dogecoin recorded slight gains..
Shares of cryptocurrency-linked stocks Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 0.73% and 2.21%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and COIN here.
Cryptocurrency liquidations hit $376 million over the last 24 hours, according to Coinglass, with $227 million in bullish long positions erased.
Bitcoin's open interest increased 2.27% to $59.20 billion over the last 24 hours, while funds locked in Ethereum derivatives rose 0.29%.
Meanwhile, 62% of Binance traders with open BTC positions were betting on a price increase, according to the Long/Short Ratio.
"Fear" sentiment persisted in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
| Keeta (KTA ) | +38.51% | $0.3390 |
| Zcash (ZEC) | +16.44% | $459.26 |
| Onyxcoin (XCN ) | +15.02% | $0.005841 |
The global cryptocurrency market capitalization stood at $3.14 trillion, following a modest increase of 0.17% in the last 24 hours.
Stocks closed at record highs on Thursday. The Dow Jones Industrial Average climbed 646.26 points, or 1.34%, to finish at 48,704.01. The S&P 500 rose 0.21% to end the day at 6,901.00. The tech-heavy Nasdaq Composite, was the outlier, retreating 0.26% to settle at 23,593.86.
Shares of Oracle Corp. (NASDAQ:ORCL) sank 10.83% after earnings and guidance disappointed Wall Street.
The Federal Reserve cut the federal funds rate by 25 basis points to 3.50–3.75% on Wednesday. Fed Chair Jerome Powell also downplayed the prospect of a rate hike in the near future.
Blockchain analytics firm CryptoQuant noted Ethereum taker flows on Binance recovering from the sell-off pressure that peaked in late October.
Net Taker Volume tracks the balance between aggressive buyers and sellers," CryptoQuant said. "The recent move upward in Net Taker Volume shows that taker buyers are returning."
The increase, according to the research firm, "opens the door" for upward price momentum.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, called Bitcoin's price action "great" and noted that the odds of testing $100,000 in 2025 have risen.
"Well, this is not going to be breaking downwards," Van De Poppe predicted.
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