Leading cryptocurrencies mirrored the stock rally on Wednesday as investors increased risk appetite in the wake of Apple Inc.’s AAPL $100 billion investment pledge in the U.S.
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Bitcoin reclaimed $115,000 following Tuesday’s dip below $113,000. Ethereum breached the resistance at $3,700 overnight, gaining over 3% in the last 24 hours.
It remains to be seen if the apex cryptocurrency can sustain its advance in the face of increased tariffs on Bitcoin mining equipment from Southeast Asia, which are slated to take effect on Aug. 7.
Nearly $170 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders facing the brunt of the losses..
Bitcoin’s open interest dipped 0.65% in the last 24 hours, and was down over 10% since the highs set in mid-July. Notably, over 56% of Binance’s top traders, i.e., those with the highest margin balance, were betting on BTC’s increase.
“Greed” sentiment returned to the market after switching to “Neutral” a day earlier, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.76 trillion, increasing 1.76% in the last 24 hours.
Apple Surges After Tariff Reprieve
Stocks jumped on Wednesday. The Dow Jones Industrial Average climbed 81.38 points, or 0.18%, to end at 44,193.12. The S&P 500 rose 0.73% to close at 6,345.06, while the tech-heavy Nasdaq Composite gained 1.21%, finishing at 21,169.42.
Apple led the tech charge, rallying over 5% after CEO Tim Cook announced a new $100 billion commitment to increase investments in the U.S. Moreover, President Donald Trump exempted the tech giant from the 100% tariff on semiconductor imports.
Analyst Expects Big ETH Move After Breaking $4,000
Widely followed cryptocurrency analyst and trader Ali Martinez flagged a “massive resistance wall” at $117,000 where significant Bitcoin was bought.
Martinez further highlighted an air gap between $113,000 and $108,000, suggesting weak support levels.
Jelle, a cryptocurrency and stock investor, predicted that once Ethereum breaks the $4,000 resistance, it is not going back below “anytime soon.”
“Price discovery is close,” the investor said.
Photo Courtesy: Travis Wolfe on Shutterstock.com
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Reveal Full ScoreEdge RankingsMomentum92.05Price TrendShortMediumLongOverview$BTCBitcoin – United States dollar$114791.46-0.21%$DOGEDogecoin – United States dollar$0.2046-0.38%$ETHEthereum – United States dollar$3667.82-0.43%$SOLSolana – United States dollar$167.65-0.29%$XRPRipple – United States dollar$2.99-0.15PLApple Inc$219.268.05%Market News and Data brought to you by Benzinga APIs
