Bitcoin Tops $67K on Dovish Fed Remarks; Ether Rebounds From SEC Fears, DOGE Soars

Bitget App

Trade smarter

Bitget2024/03/21 06:15

By:Bitget

Crypto markets bounced sharply higher and bitcoin (BTC) targeting $67,000 on Wednesday as U.S. Federal Reserve Chair Jerome Powell hit a dovish tone after the central bank maintained its outlook for three rate cuts this year despite hotter-than-expected inflation figures.

Bitcoin (BTC) hit a $67,781 daily high, recording a more than 10% recovery from level seen hours earlier. Ether (ETH) erased its 6% dip earlier in the day that had been triggered by news reports about the Ethereum Foundation facing a confidential inquiry from an unnamed government and the U.S. Securities and Exchange Commission considering classifying the asset as a security.

Dogecoin (DOGE), litecoin (LTC) and bitcoin cash (BCH) led gains among major cryptocurrencies as people finally noticed a Coinbase plan, posted on a U.S. regulator's website several weeks ago, to offer futures contracts on them.

Bitcoin Tops $67K on Dovish Fed Remarks; Ether Rebounds From SEC Fears, DOGE Soars image 0

Futures Market Updates

As BTC returned to $67K, short positions got liquidated more than long.

Bitcoin Futures Updates

Total BTC Open Interest: $36.36B (-8.93%)

BTC Volume (24H): $131.18B (-9.01%)

BTC Liquidations (24H): $55.99M (Long)/$75.42M (Short)

Long/Short Ratio: 51.19%/48.81%

Funding Rate: 0.0134%

Ether Futures Updates

Total ETH Open Interest: $13.20B (+8.12%)

ETH Volume (24H): $74.89B (+20.23%)

ETH Liquidations (24H): $55.72M (Long)/$50.42M (Short)

Long/Short Ratio: 50.74%/49.26%

Funding Rate: 0.0153%

Top 3 OI Surges

POLYX: $58.69M (+553.03%)

ETHFI: $47.09M (+240.29%)

TRU: $16.47M (+142.80%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan•2024/11/24 03:44

The clash of Bitcoin and benchmark stock indexes

Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.

Cryptopolitan•2024/11/24 03:44