Leading cryptocurrencies fell alongside stocks on Wednesday as investors cashed out following recent rallies.
Bitcoin Falls Below $91,000
Bitcoin slipped below $91,000 in afternoon trading before paring some losses overnight. Trading volume for the apex cryptocurrency plunged 22% over the last 24 hours.
Ethereum dipped to around $3,100 after surpassing $3,300 earlier this week.
Bitcoin dominance hovered around 58%, while Ethereum’s market share was largely unchanged at 12.2%.
Roughly $285 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with $241 million in long liquidations alone.
Meanwhile, Bitcoin’s open interest surged nearly 4% in the last 24 hours. An increase in open interest along with a decrease in spot price typically indicates new short positions are being built.
The “Fear sentiment persisted in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.13 trillion, following a drop of 1.87% in the last 24 hours.
Stocks Mirror Crypto Pull Back
Stocks retreated from record highs on Wednesday. The Dow Jones Industrial Average pulled back 466 points, or 0.94%, to end at 48,996.08. The S&P 500 fell 0.34% to end at 6,920.93. The tech-heavy Nasdaq Composite was the outlier, lifting 0.16% to finish at 23,584.27.
Energy stocks contributed to the decline, with Chevron Corp. (NYSE:CVX) and Exxon Mobil Corp. (NYSE:XOM) closing down 0.86% and 2.11%, respectively.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about CVX and XOM here.
Oil prices fell further to $56.31 a barrel, down from $58 earlier in the week amid President Donald Trump’s claim that Venezuela will ship several million barrels of sanctioned crude oil to the U.S.
Bitcoin Will ‘Confirm Trend Direction’ If…
In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY said that despite recent advances, the market remains in a “downtrend.”
“The growth is likely to continue, because in the current environment there is simply no reason for the market to fall lower,” the analysts said, pointing out factors such as the leverage reset during the October 2025 crash.
“Starting a bearish phase right now makes little sense as bear markets usually begin at highs,” the analysts added.
Meanwhile, widely followed cryptocurrency analyst Ali Martinez said that Bitcoin needs a daily close outside $88,000-$94,000 “to confirm trend direction.”
Photo Courtesy: Marc Bruxelle on Shutterstock.com
BTCGrayscale Bitcoin Mini Trust (BTC)$40.290.15%Overview$BTCBitcoin$91254.00-0.02%$DOGEDogecoin$0.14700.50%$ETHEthereum$3170.160.15%$SOLSolana$136.570.23%$XRPRipple$2.170.40%CVXChevron Corp$155.700.32%XOMExxon Mobil Corp$118.600.09%Market News and Data brought to you by Benzinga APIs
