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The cryptocurrency market remained muted on Wednesday, even as softer private employment data modestly reducing the odds of a rate hike.
Crypto Market Stable
<a href="https://xpertsstudio.com/bitcoin-retail-inflows-to-gate-hit-2026-high-as-rally-nears-80000/” title=”Bitcoin Retail Inflows to Gate Hit 2026 High as Rally Nears $80,000″>Bitcoinheld steady, with trading volume dropping 13% over the last 24 hours. The apex cryptocurrency has corrected by 1.68% over the past week.
After failing to hold above $2,400 early in the session, Ethereumslid to an intraday low of $2,356. XRP and Dogecoin also recorded gains.
Cryptocurrency-related stocks dipped, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 1.35% and 1.33%, respectively.
Over $280 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses, accordingto Coinglass data.
Bitcoin’s open interest fell 0.35% over the last 24 hours. Notably, sentiment among retail and whale derivatives traders was markedly bullish.
The global cryptocurrency market cap slipped 1.74% in the last 24 hours to $2.60 trillion.
Stock Market Rebounds
Stocks halted their losing streak on Wednesday. The Dow Jones Industrial Averagerallied 295.07 points, or 0.56%, to end at 53,061.95.The S&P 500 rose 0.46% to close at 7,666.60,while the tech-heavy Nasdaq Composite gained 0.45% to close at 26,217.83
U.S. private payrolls increased by 38,000 jobs in August, marking the slowest pace of job creation since January.
The probability of a rate hike to 3.75%–4.00% at the Federal Reserve’s meeting later this month fell from 67% to 62.3% in 24 hours, accordingto the CME FedWatch tool.
Whales Buy BTC Dip
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that large investors have been scooping up Bitcoin despite the correction.
Martinez highlighted that since Bitcoin’s retracement from $81,474 to $76,732, whales have accumulated 6,765 BTC, worth roughly $521 million.
Michaël van de Poppe, another well-known cryptocurrency researcher, analyzed Ethereum’s moves, highlighting potential downside sweeps to $2,355 followed by $2,300 as initial buying zones.
“Best case: $2,200 would be the ideal spot for long entries,” Van De Poppe said. “However, ultimately, this dip is to get yourself positioned before ETH goes to $3,000.”
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