Leading cryptocurrencies came under pressure on Thursday as investors trimmed risk appetite after the market’s recent advances
Crypto Market Loses Steam
Bitcoin dipped below $90,000 in early trading but recovered to hover around $91,000. Trading volume barely increased over the last 24 hours.
Ethereum wobbled in the $3,100 zone, while XRP and Dogecoin also failed to breakout.
Over $400 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with nearly $320 million in bullish bets wiped out.
That said, over $450 million in Bitcoin shorts on Binance risked liquidation if the apex cryptocurrency reclaims $93,000
Meanwhile, Bitcoin’s open interest fell 0.55% in the last 24 hours, although it has climbed 8% since the year began.
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.
Dow Rebounds, Oil Back Up
Stocks recovered on Thursday. The Dow Jones Industrial Average rallied 270.03 points, or 0.55%, to end at 49,266.11. The S&P 500 gained 0.01% to end at 6,921.46. The tech-heavy Nasdaq Composite, meanwhile, retreated 0.44% to settle at 49,266.11.
Shares of defense companies, including Lockheed Martin Corp. (NYSE:LMT) and Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), closed up 4.34% and 13.78%, respectively, after President Donald Trump said he wants to increase the 2027 military budget from $1 trillion to $1.5 trillion.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about LMT and KTOS here.
Oil prices also rebounded, with the U.S. West Texas Intermediate rising 0.87% to $58.26 a barrel.
Is Bitcoin’s Bear Market Over?
Blockchain analytics firm CryptoQuant noted that the Market Value to Realized Value Ratio, or MVRV Ratio, is trending lower after failing to sustain levels near “historical overvaluation zones.”
“Unless the MVRV Ratio can stabilize and reclaim higher ground, the broader signal continues to favor cooling momentum over renewed strength,” CryptoQuant added.
Ali Martinez, a widely followed cryptocurrency analyst and trader, said that Bitcoin must hold above $87,200 to avoid a drop toward $69,230.
Martinez also weighed in on Ethereum’s prospects, projecting a target of $3,730 from an ascending triangle pattern.
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BTCGrayscale Bitcoin Mini Trust (BTC)$40.330.30%Overview$BTCBitcoin$91291.420.29%$DOGEDogecoin$0.14290.73%$ETHEthereum$3118.300.48%$SOLSolana$139.200.68%$XRPRipple$2.130.41%KTOSKratos Defense & Security Solutions Inc$104.970.89%LMTLockheed Martin Corp$520.000.30%Market News and Data brought to you by Benzinga APIs
