Bitcoin, XRP, Dogecoin Gain; Ethereum Dips as Jobs Data Trims Rate Hike Odds: Correction Not Lessening A

The cryptocurrency market remained muted on Wednesday, even as softer private employment data modestly reducing the odds of a rate hike.

Crypto Market Stable

Bitcoin held steady, with trading volume dropping 13% over the last 24 hours. The apex cryptocurrency has corrected by 1.68% over the past week.

After failing to hold above $2,400 early in the session, Ethereum slid to an intraday low of $2,356. XRP and Dogecoin also recorded gains.

Cryptocurrency-related stocks dipped, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 1.35% and 1.33%, respectively. 

Over $280 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses, according to Coinglass data.

Bitcoin’s open interest fell 0.35% over the last 24 hours. Notably, sentiment among retail and whale derivatives traders was markedly bullish.

Top Gainers (24 Hours) 

The global cryptocurrency market cap slipped 1.74% in the last 24 hours to $2.60 trillion.

Stock Market Rebounds

Stocks halted their losing streak on Wednesday. The Dow Jones Industrial Average rallied 295.07 points, or 0.56%, to end at 53,061.95. The S&P 500 rose 0.46% to close at 7,666.60, while the tech-heavy Nasdaq Composite gained 0.45% to close at 26,217.83