Bitcoin, XRP, Dogecoin Dip; Ethereum Rises Amid Hot Inflation Print: Correction Aside, Bitcoin's Structur

Leading cryptocurrencies stalled on Wednesday after the Federal Reserve’s preferred inflation gauge came in higher than expected.

Crypto Rally Eases

Bitcoin wobbled between $77,600 and $79,200 as bulls failed to push the apex cryptocurrency back above $80,000. Trading volume plunged 35% over the last 24 hours.

Ethereum surged to $2,500 in the early evening before consolidating, though buying pressure remained subdued. XRP and Dogecoin inched lower.

Cryptocurrency-related stocks also fell, with both Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NYSE:BMNR) closing down 2.87%.

Nearly $260 million was liquidated from the cryptocurrency market in the last 24 hours, with shorts outpacing long liquidations, according to Coinglass data.

Bitcoin’s open interest dipped 1.95% over the last 24 hours. A drop in both the spot price and open interest typically indicates that existing long-position buyers are exiting their positions and closing out their trades.

Bitcoin derivatives sentiment remained neutral, with neither retail traders nor whales showing a clear bias.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.