Leading cryptocurrencies surged alongside stocks on Wednesday, while gold eased as President Donald Trump backed off on planned tariffs on Europe over Greenland.
Crypto Market Lifts
Bitcoin snapped its week-long losing streak, rising above $90,000, while Ethereum reclaimed $3,000 amid a broader cryptocurrency market upswing.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR), closed up 2.23% and 3.93%, respectively
Over $630 million was liquidated from the market in the last 24 hours, according to Coinglass, with nearly equal amounts of levered longs and shorts erased.
Notably, Bitcoin’s open interest fell 0.35% in the last 24 hours. A lower open interest with rising prices typically indicates that bearish traders are closing their short positions.
“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.04 trillion, following an uptick of 1.15% in the last 24 hours.
Stocks Also Rebound
The stock market made a sharp recovery on Wednesday. The Dow Jones Industrial Average rallied 588.64 points, or 1.21%, to end the session at 49,007.23. The S&P 500 rose 1.16% to close at 6,875.62, while the tech-focused Nasdaq Composite lifted 1.18% to finish at 23,224.82.
The rebound came after Trump said planned tariffs on EU countries will no longer take effect, citing a “very productive” meeting on a Greenland framework with NATO leadership.
Risk-on sentiment returned, dragging traditional safe havens lower. Spot gold traded down 1.07% at $4,785 an ounce after powering above $4,800 earlier in the day.
Will Bitcoin See ‘Strong Upside Momentum?’
Ali Martinez, widely followed cryptocurrency analyst and trader, highlighted Short-Term Holder Realized Price, currently at $98,365, as a bullish level for Bitcoin.
“Historically, reclaiming this level has unlocked strong upside momentum since 2023,” the analyst stated.
The Bitcoin Short Term Holder Realized Price is a metric that calculates the average price at which short-term investors have purchased their BTC. In bull markets, price typically stays above this level.
Friedrich, another prominent cryptocurrency commentator, predicted Bitcoin to reclaim $100,000 soon if it closes above $94,000 this week.
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BTCGrayscale Bitcoin Mini Trust (BTC)
$39.63-0.60%
Overview
$BTCBitcoin
$89991.870.70%
$DOGEDogecoin
$0.12760.98%
$ETHEthereum
$3029.401.67%
$SOLSolana
$130.150.56%
$XRPRipple
$1.960.70%
BMNRBitMine Immersion Technologies Inc
$29.32-0.10%
MSTRStrategy Inc
$164.380.35%
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