Bitcoin Tops $67K on Dovish Fed Remarks; Ether Rebounds From SEC Fears, DOGE Soars

Bitget App

Trade smarter

Bitget2024/03/21 06:15

By:Bitget

Crypto markets bounced sharply higher and bitcoin (BTC) targeting $67,000 on Wednesday as U.S. Federal Reserve Chair Jerome Powell hit a dovish tone after the central bank maintained its outlook for three rate cuts this year despite hotter-than-expected inflation figures.

Bitcoin (BTC) hit a $67,781 daily high, recording a more than 10% recovery from level seen hours earlier. Ether (ETH) erased its 6% dip earlier in the day that had been triggered by news reports about the Ethereum Foundation facing a confidential inquiry from an unnamed government and the U.S. Securities and Exchange Commission considering classifying the asset as a security.

Dogecoin (DOGE), litecoin (LTC) and bitcoin cash (BCH) led gains among major cryptocurrencies as people finally noticed a Coinbase plan, posted on a U.S. regulator's website several weeks ago, to offer futures contracts on them.

Futures Market Updates

As BTC returned to $67K, short positions got liquidated more than long.

Bitcoin Futures Updates

Total BTC Open Interest: $36.36B (-8.93%)

BTC Volume (24H): $131.18B (-9.01%)

BTC Liquidations (24H): $55.99M (Long)/$75.42M (Short)

Long/Short Ratio: 51.19%/48.81%

Funding Rate: 0.0134%

Ether Futures Updates

Total ETH Open Interest: $13.20B (+8.12%)

ETH Volume (24H): $74.89B (+20.23%)

ETH Liquidations (24H): $55.72M (Long)/$50.42M (Short)

Long/Short Ratio: 50.74%/49.26%

Funding Rate: 0.0153%

Top 3 OI Surges

POLYX: $58.69M (+553.03%)

ETHFI: $47.09M (+240.29%)

TRU: $16.47M (+142.80%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!