Leading cryptocurrencies pulled back sharply on Thursday, while oil supply disruptions driven by the war in the Middle East kept investors on edge. Bitcoin corrected after Wednesday’s rally to $74,000, while Ethereum and other large-cap coins also gave up gains. Shares of cryptocurrency-linked companies also reversed, as Strategy Inc. (NASDAQ: MSTR) and Coinbase Global Inc. (NASDAQ: COIN) closed down 4.53% and 1.54%, respectively. Over $250 million was liquidated from the market in the last 24 hours, according to Coinglass, predominantly from long positions.
Open interest in Bitcoin futures fell 5.78% in the last 24 hours. Retail derivative sentiment on Binance was “Neutral,” while whale traders bought the dip, according to the Long Short ratio. “Extreme Fear” sentiment dominated the market, according to the Crypto Fear & Greed Index. The global cryptocurrency market capitalization stood at $2.41 trillion, shrinking by 2.19% over the last 24 hours.
Leading cryptocurrencies pulled back on Thursday as Bitcoin corrected from a rally to about $74,000, with BTC at $70,440.60, down 3.51%. Ethereum traded at $2,064.95 (-3.02%), XRP at $1.40 (-1.89%), Solana $88.38 (-2.31%), and Dogecoin $0.09336 (-4.58%). The global crypto market capitalization stood at $2.41 trillion, shrinking by 2.19% over the last 24 hours, underscoring the bear market narrative. Reversal for crypto market followed as Bitcoin’s rally faded, and Ethereum and other large-cap coins gave back gains.
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