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Bitcoin failed to break out of its range, but other major coins rose on Wednesday as the Federal Reserve implemented its first interest rate cut of the year.
Bitcoin slipped below $117,000 and consolidated in the $116,000 region. Ethereum, on the other hand, broke past $4,600, with trading volume climbing 51% in the 24-hour period. XRP and Dogecoin spiked 1.24% and 4.40%, respectively.
Bitcoin's dominance dropped below 57%, while capital rotated to altcoins, boosting their market share to 30%.
Over $350 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders losing $188 million. That said, about $400 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $118,000.
Bitcoin’s open interest fell 1.01% in the last 24 hours. Despite this, over 54% of Binance derivatives traders with open BTC positions were long as of this writing.
Interestingly, Binance traders with open BTC positions flipped bearish, with more than 52% betting against the coin, according to the Long/Short ratio.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $4.08 trillion, increasing by 0.81% in the last 24 hours.
Stocks were a mixed bag on Wednesday. The Dow Jones Industrial Average rallied 260.42 points, or 0.6%, at 46,018.32. The S&P 500, on the other hand, closed down 0.1% at 6,600.35, while the tech-heavy Nasdaq Composite fell 0.3% to 22,261.32.
The Federal Reserve delivered its first rate cut of the year, slashing its benchmark interest rate by 25 basis points to 4.00%-4.25%.
The Summary of Economic Projections now predicts a federal funds rate of 3.6% by the end of 2025, down from the 3.9% median forecast in June, implying that more cuts may be on the way.
IncomeSharks, a widely followed X account dedicated to stock and cryptocurrency analysis, expected Bitcoin to hit $120,000 by the end of the week or during the weekend.
A similar forecast was made by technical analyst CrypNuevo, who predicted Bitcoin to hit $120,000 next.
Web3 commentator ZYN highlighted a “bullish cross” on Ethereum’s price chart.
ETH surged 60% and 24% in July and August, respectively, after similar formations, the analyst said, adding that a repeat could push the coin above $5,000 this month.
A bullish cross is formed when a short-term moving average crosses above a long-term moving average, signalling a potential bullish trend.
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