Bitcoin Dips, Ethereum, XRP, Dogecoin Rise: Analyst Predicts 'BTC Goes Up' if Consumer Inflation Comes in

Leading cryptocurrencies held steady on Tuesday as equities extended losses, with investors bracing for this week’s key inflation data

Crypto Market Consolidating?

Bitcoin remained within a tight range, fluctuating between $63,100 and $64,400, while its 24-hour trading volume decreased. Ethereum also experienced a dip in trading volume, while XRP and Dogecoin closed higher from the previous day.

Over $170 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 rose 0.94% over the last 24 hours. A jump in open interest while the price goes down typically indicates new sellers entering the market and opening fresh short positions, which in turn could be a sign of bearish sentiment.

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

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.19 trillion, following a decline of 1.15% over the last 24 hours.

Stocks Close in the Red

Stocks extended their losses on Tuesday. The Dow Jones Industrial Average fell 184.13 points, or 0.34%, to end at 53,791.85. The S&P 500 declined 0.32% to close at 7,728.20, while the tech-heavy Nasdaq Composite shed 0.60% to end at 26,445.45.