Ethereum Spikes, Bitcoin, Dogecoin Stay Choppy As Market Celebrates Legal Win Against SEC: King Crypto Could Bounce 80% Over Next 2 Weeks, Says Analyst
Ethereum gained on major regulatory win against the SEC, while Bitcoin and Dogecoin continued to move sideways on Wednesday.CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)Bitcoin BTC/USD +0.01%$64,890.18Ethereum ETH/USD +2.37%$3,553.22Dogecoin DOGE/USD +0.19%$0.1218
What Happened: Bitcoin trended downward, falling into the $64,000 zone after an initial rip above $65,000.
Ethereum led the cryptocurrency market's charge, following the closure of the SEC's investigation into whether the world's second-largest cryptocurrency is a security.
The rally catalyzed Ether's derivatives market, as the Open Interest soared 3.43% in the last 24 hours. The jump in OI, coming alongside a jump in price, typically reflects bullish sentiment. Bitcoin's OI growth was muted in comparison, rising 0.61%.
Bullish bets for Ether rose dramatically in the last 24 hours, forming more than 53% of all positions taken by derivatives traders for the asset.
The "Greed" sentiment in the market has cooled significantly this week, according to readings from the Cryptocurrency Fear & Greed Index, falling from 74 to 60. This could pave the way for stronger surges in the days ahead.
Top Gainer (24-Hours)CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. EDT)Fetch.ai (FET)+25.50%$1.48SingularityNET (AGIX)+23.82%$0.61Akash Network (AKT)+17.72%$3.13
The global cryptocurrency market cap stands at $2.37 trillion, growing 0.74% in the last 24 hours.
Stock futures traded sideways as of this writing, while markets remained closed on Wednesday in observance of Juneteenth. The Dow Jones Industrial Average Futures slipped 0.15% as of 8:30 p.m. EDT. Futures tied to the S&P 500 gained 0.09%, while Nasdaq 100 Futures added 0.24%.
AI giant NVIDIA Corp. NVDA has sparked a stock boom this week, causing the S&P 500 and the Nasdaq Composite to hit record highs.
Investors will now shift attention to the jobless claims figures and housing starts data, due on Thursday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency trader Mister Crypto drew attention to the contrasting trajectories of Bitcoin and the stock market.
"The last time this happened, it took BTC 15 days to reverse with an 80% pump," the trader deduced, citing historical data. "Will history repeat again?"
Well-known analyst, Michal van de Poppe, shifted focus to altcoins. He underlined that although the market has suffered heavily lately, it was similar to the pre-bull market phase in 2020.
"It crushed many altcoin portfolios & investors, however, in the year after, they provided a 20-100x return," the analyst said.
Photo by Avi Rozen via Shutterstock
Read Next: Bitcoin To Rebound In The Next Months, Will Hit $200K In 2025: BernsteinMarket News and Data brought to you by Benzinga APIs
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
ESPN MLB insider Author of “The Arm: Inside the Billion-Dollar Mystery of the Most Valuable Commodity in Sports”
The Washington Nationals demoted All-Star shortstop CJ Abrams to the minor leagues after he stayed out all night at a Chicago-area casino, leaving only hours before a Friday day game against the Chicago Cubs, sources told ESPN’s Jesse Rogers.
The 23-year-old Abrams led off for the Nationals and went 0 for 3 with a walk and strikeout in Friday’s game, which started at 1 p.m. CT. He was informed of the demotion Friday night, sources said. He will be sent to West Palm Beach, home of the Nationals’ minor league complex.
Because Abrams has been with Washington for the entirety of the season, the demotion will not affect his service time. Players earn a full year of service with 172 days on the major league roster, and Abrams already has exceeded that threshold.
Abrams could, however, file a grievance through the Major League Baseball Players Association to fight for lost pay if he believes the demotion unjust. He would lose around $30,000 of his $752,000 salary for missing the season’s final week. Abrams will be arbitration-eligible this winter, entering the system for the first of four times as a Super 2.
Acquired as one of the centerpieces of the Juan Soto trade two years ago, Abrams parlayed a breakout first-half into an All-Star selection, hitting .268/.343/.489 with 15 home runs and 15 stolen bases over the Nationals’ first 89 games. He struggled significantly in the second half, slashing .203/.260/.326, and Abrams’ defense has been a weakness throughout the season.
Still, the Nationals did not intend to send him to the minor leagues until they learned of his time spent at the casino, which was first reported Friday by CHGO.
“I just want it to be known it wasn’t performance-based,” Nationals manager Dave Martinez told reporters Saturday. “It’s an internal issue. I’m not going to give specifics.”
At least 44 people have been killed in Israeli strikes on Lebanon and Gaza in the last 24 hours.
A strike on the Lebanese capital Beirut killed at least 31 people including three children and seven women, the country’s health minister Firas Abiad said.
Fifteen of the 68 wounded in the attack remain in hospital.
Ali Harake, the head of the rescue team searching through the rubble, told Sky News his team is still looking for between 17 and 18 missing people – though he fears none have survived.
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It is understood two apartment blocks in a densely populated southern neighbourhood collapsed in the strike – the deadliest attack on Beirut in decades.
Top Hezbollah commanders are believed to have been meeting in the basement of one of the buildings.
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Hezbollah has confirmed two of its senior commanders, Ibrahim Aqil and Ahmed Wahbi, died in the strike while an Israeli military spokesperson said that at least 16 Hezbollah militants were killed.
Wahbi oversaw the military operations of the Radwan special forces – a commando unit that seeks to infiltrate and carry out attacks in Israel – until early 2024. Aqil was also a top commander for the Iran-backed group.
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The Palestinian militant group Hamas has described the killing of Aqil as a “crime” and a “folly”, adding Israel will “pay the price”.
Meanwhile, at least 13 people have been killed in Israeli strikes on Gaza City, according to a local report.
The strikes are believed to have hit several schools sheltering displaced people in the southern part of the city.
The strikes come after Hezbollah launched one of its most intense bombardments of northern Israel in nearly a year of fighting, largely targeting Israeli military sites.
Israel’s Iron Dome missile defence system intercepted most of the Katyusha rockets.
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Hezbollah said its latest wave of rocket attacks was a response to past Israeli strikes on southern Lebanon.
It came days after mass explosions of Hezbollah pagers and walkie-talkies killed at least 37 people, including two children. Some 2,900 others were wounded in the assault which has been widely attributed to Israel.
A fire has ripped through a Russian missile depot in the Tver region deep inside the country after it was targeted in a Ukrainian drone attack, the defence ministry in Moscow has said.
Footage shows a second Ukrainian drone attack on the southwestern Russian region of Krasnodar also triggered a fire and caused a series of explosions.
Russia’s defence ministry has claimed its forces shot down 101 Ukrainian drones over Russian territory and occupied Crimea during the overnight attacks.
The drone strikes were carried out as Ukrainian leader Volodymyr Zelenskky said he is hoping to meet Donald Trump next week when he travels to the US – where he will present US President Joe Biden with a “victory plan” in relation to the war.
Meanwhile, Ukraine’s foreign minister said Russia appears to be planning strikes on Ukrainian nuclear facilities before the winter.
Posts on local Telegram channels said a Ukrainian drone attack struck an arms depot near the town of Toropets, in Russia’s Tver region – which is about 380 kilometres (240 miles) northwest of Moscow and about 500 kilometres (300 miles) from the Ukrainian border on Saturday.
Russian authorities closed a 100-kilometre (62-mile) stretch of a highway and evacuated passengers from a nearby rail station.
The depot appeared to be just miles from a Russian weapons arsenal storing missiles, bombs and ammunition in Tver that was struck by Ukrainian drones early Wednesday, injuring 13 people and also causing a huge fire.
Meanwhile, at least 1,200 people were evacuated from Russia’s southwestern Krasnodar region after an ammunition depot and missile arsenal were struck in the second drone attack overnight, the local governor has said.
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Most of those evacuated were staying with friends and relatives, Veniamin Kondratyev, the governor of Krasnodar region, said on the Telegram messaging app.
There were no immediate reports of casualties in either Tver or Krasnodar.
Ukraine warning of attacks on nuclear sites
It comes as Kyiv is urging the International Atomic Energy Agency (IAEA) and Ukraine’s allies to establish permanent monitoring missions at the country’s nuclear plants as it warns they could be targeted in Russian attacks.
“In particular, it concerns open distribution devices at (nuclear power plants and) transmission substations, critical for the safe operation of nuclear energy,” foreign minister Andriy Sybiha wrote on X.
Meanwhile, the Ukrainian leader has said he plans to meet Republican presidential candidate Mr Trump on either Thursday or Friday next week.
During the trip, Mr Zelenskyy will present Mr Biden with a so-called victory plan as he hopes to bring about an end to the conflict.
The Ukrainian president has said the plan will include long-range striking capabilities and other weapons long sought by Kyiv, and will serve as the basis for any future negotiation with Russia.
He is also expected to push Washington to lift restrictions on long-range missile strikes inside Russia.
Mr Zelenskyy will attend sessions of the UN Security Council and General Assembly and also plans to meet vice president Kamala Harris, the Democratic candidate in this year’s US election, in separate meetings on 26 September.
The developments come as three sources have told Reuters that Iran did not include mobile launchers with the close-range ballistic missiles that Washington has accused Tehran of delivering to Russia for use against Ukraine.
The sources – a European diplomat, a European intelligence official and a US official – said it was not clear why Iran did not supply launchers with the Fath-360 missiles, raising questions about when and if the weapons will be operational.