Bitcoin, Ethereum, Dogecoin Fall; XRP Gains Ahead of Key Inflation Data: Analyst Notes 'Another Strong Bu

Leading cryptocurrencies fell on Tuesday as traders awaited key inflation data for clues on the Federal Reserve’s interest rate policy.

Crypto Market Sees Selling Pressure

Bitcoin slid below $78,000 as trading volume jumped nearly 50% in the last 24 hours. Ethereum‘s advance stalled at $2,500, while Dogecoin fell sharply following Monday’s jump.

Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 4.40% and 0.80%, respectively. Strategy made no Bitcoin purchases last week

More than $250 million was liquidated in the cryptocurrency market over the past 24 hours, including $163 million in long positions, according to Coinglass data.

Bitcoin’s open interest rose 0.70% in the last 24 hours to $53.45 billion. A rise in open interest combined with a falling spot price typically signals a short buildup, meaning new sellers are actively entering the market.

Market sentiment leaned toward “Greed,” according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stands at $2.70 trillion after declining 0.36% over the past 24 hours.

Stocks Cool Down

Stocks started the holiday-shortened week in the red. The Dow Jones Industrial Average fell 628.18 points, or 1.18%, to close at 52,786.07. The S&P 500 declined 0.58% to end at 7,673.52, while the tech-focused Nasdaq Composite closed 0.32% lower at 26,421.41.