Bitcoin, Ethereum, XRP, Dogecoin Slide as Rate Hike Odds Jump: Analyst Says BTC Target Remains At $100,00

Leading cryptocurrencies corrected on Wednesday as hot macro data signaled the chance of another rate hike.

Crypto Market Reverses

Bitcoin descended from $87,000, hitting an intraday low of $83,654.39. Ethereum also retreated to $2,600, while XRP and Dogecoin recorded sharper declines

Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 3.07% and 4.52%, respectively. 

Over $540 million was liquidated from the cryptocurrency market in the last 24 hours, with long positions taking the heaviest losses, according to Coinglass data.

Bitcoin’s open interest plummeted 6.63% over the last 24 hours. BTC’s Long/Short ratio dipped below 1, meaning a large number of traders are actively taking short positions.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.96 trillion, down 2.60% in the last 24 hours.

Stocks Plunge As Rate Hike Bets Spike

Stocks faced heavy sell-offs on Wednesday. The Dow Jones Industrial Average fell 352.10 points, or 0.68%, to end at 51,511.59. The S&P 500 slid 0.75% to end at 7,706.03, while the tech-heavy Nasdaq Composite dropped 1.13% to settle at 26,936.04.