Bitcoin Dips, but Ethereum, XRP, Dogecoin Gain Even as 'Greed' Prevails: Analyst Says 'Loss of Stability'

Leading cryptocurrencies held firm on Wednesday as investors digested the latest inflation data and expectations of another rate hike.

Cryptocurrencies Hold Their Levels

Bitcoin hit an intraday high of $85,518 in the early hours, then pulled back to the $83,000 range by evening. Ethereum consolidated between $2,650 and $2,730.

Cryptocurrency-related stocks dipped further, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 1.02% and 1.12%, respectively. 

Over $260 million was liquidated from the cryptocurrency market in the last 24 hours, with longs and shorts accounting for roughly equal shares, according to Coinglass data.

Bitcoin’s open interest rose 0.92% over the last 24 hours. When open interest rises while the asset’s price falls, it typically signals a short buildup, as new sellers enter the market.

"Greed sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

Stocks Slip Even as Inflation Slows Down

Stocks were a mixed bag on Monday. The Dow Jones Industrial Average shed 0.86%, or 443.87 points, to close at 50,906.05. The S&P 500 fell 0.25% to close at 7,651.54. Nasdaq Composite bucked the decline, rebounding 0.24% to end at 26,861.06.