The crypto price chart showed a red domination on Wednesday with a majority of assets reflecting dips. Bitcoin fell in price by 1.64 percent in the last 24 hours. At the time of writing, the most expensive crypto asset was trading at $87,240 – slightly down from its last day’s price point of $87,634.
Ether has also continued to trade under the $3,000 price mark for over 48 hours now. The asset reflected a dip of under one percent on Wednesday to retail at $2,904 on international exchanges.
“Broader sentiment for the market is shaped by macro factors, especially the Fed policy. Long-term outlook remains constructive, supported by post-halving supply scarcity and growing institutional adoption, while altcoins largely track Bitcoin’s direction amid ongoing volatility. With thin year-end volumes and investor caution ahead of key U.S. inflation and GDP data, BTC’s support lies near $86,000 and resistance between $90,000–$95,000.
BNB and XRP registered price dips of under two percent to trade at $840 and $1.85 respectively. Solana and Dogecoin, meanwhile, saw losses of over three percent to retail at $121.6 and $0.1279 respectively.
Cardano, Chainlink, Monero, LEO, Stellar, Zcash, Litecoin, and Avalanche are among other crypto assets that clocked price dips over the last day.
Owing to the slide in asset prices, the overall crypto market cap also tanked by 1.19 percent in the last 24 hours. The present valuation of the sector stands at $2.95 trillion, data by CoinMarketCap shows.
“The delayed third-quarter economic growth print also brought uncertainty in the market, creating a favourable environment for traders going short. Traders are also closely watching Friday’s $23.6 billion Bitcoin options expiry, keeping volatility on the higher end. The options expiry is expected to clear a large amount of leverage from the system, often setting the stage for a directional move.
Only a handful of tokens including stablecoins like USDC and USDT managed to trade in the greens. Canton managed to mint a profit of 5.37 percent despite the market slowdown and is currently trading at $0.08958.
With gold hitting all time highs this week, stablecoins pegged to gold – Tether Gold and PAX Gold are also trading in gains.
As per experts, the delayed third-quarter economic growth print has also played a key role in bringing uncertainty into the market. The market sentiment, analysts said, is currently favourable for traders going short.
Over 87,780 traders were liquidated in the last 24 hours with total liquidations hitting $255.92 million, data by CoinGlass showed.