Major cryptocurrencies saw mixed trade on Thursday, with data from the macro and chain whale movement casting uncertainty over the outlook for the major cryptocurrency and the broader market.
| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 pm EDT) |
| Bitcoin Bitcoin/USD | -4.72% | $69,767 |
| Ethereum ETH/USD | -5.47% | $3,782 |
| Dogemoneta DOGE/USD | +1.78% | $0.17 |
What happened: Data released by the Department of Labor Bureau of Labor Statistics on Thursday revealed a 0.6% increase in the producer price index last month.
This crucial indicator of inflation revealed that prices rose beyond expectations in February. Traders interpreted this data as a potential indication that the Federal Reserve may refrain from cutting interest rates in May. As a result, a significant cryptocurrency sell-off occurred in response to this development.
Greyscale reportedly transferred around $400 million in Bitcoin to its custodian, Coinbaseas per Arkham Intelligence data today. In January, the fund manager dumped a significant amount of BTC, moving $2.2 billion in just a few days on the exchange, causing downward pressure on the price.
In the last 24 hours, CoinGlass data reveals that over 161,570 traders liquidated their positions worth $547.19 million. The largest single liquidation order, worth $13.30 million, took place on OKX – BTC-USDT-SWAP. Additionally, over $135 million worth of BTC longs and over $80 million worth of ETH longs were liquidated.
Best profit (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 9:30 pm EDT) |
| Ox protocol ZRX/USD | +18.90% | $1.28 |
| DogwifatWIF/USD | +10.64% | $3.23 |
| Solana SOL/USD | +8.71% | $178.64 |
The global cryptocurrency market capitalization now stands at $2.77 trillion, up 0.11% over the past 24 hours.
The 30-stock Dow fell 137.66 points, or 0.35%, to close at 38,905.66. The Nasdaq Composite fell 0.3%, closing at 16,128.53, while the S&P 500 slipped 0.29%, closing the session at 5,150.48.
The producer price index, which measures wholesale inflation, rose 0.6% in February. Excluding food and energy prices, core PPI showed an increase of 0.3%. That exceeded the expectations of economists surveyed by Dow Jones, who had forecast a 0.3% gain for the headline PPI and a 0.2% rise for the core reading.
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Analyst Notes: Cryptocurrency Analyst Michael Van de Poppe said: “The Spot #Bitcoin ETFs have proven that Bitcoin is not going away and is a legitimate asset, with a significant ‘hard money’ use case. I think the inflow will only increase in the coming years. Bitcoin at $ 500K.”
Data tracked by BitMEX Research reveals a significant increase in Bitcoin spot ETFs since launch. In total, inflows surpassed the $4 billion mark on Tuesday.
Pseudonym cryptographic analyst Rekt Capitale said: “Every time Bitcoin breaks above its old all-time high, the price doesn’t just enter an unbroken uptrend. Historically, $BTC has experienced a lot of upside and downside volatility around old ATHs. But once volatility resolves… Price discovery awaits.”
Ali Martinez, an on-chain analyst, said that the short-term realized profit/loss margin indicator reveals that short-term Bitcoin holders are currently sitting on 70% profits in their holdings. “This level of unrealized BTC profits is the highest in three years!”
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