Bitcoin’s value surged to $68,000 just 17 hours after dipping to $60,760. The entire crypto market experienced a 5.9% increase following the latest Federal Open Market Committee (FOMC) session, with bitcoin rising by 6.8% against the U.S. dollar.
After a significant decline on Tuesday and the conclusion of the Federal Open Market Committee (FOMC) meeting where the U.S. Federal Reserve decided to maintain the current benchmark interest rate, Bitcoin (BTC) saw a significant rise from around $65,500 to $68,058 per coin by 6:15 p.m. Eastern Time (ET) on Wednesday.
Crypto Market Overview: BTC Trading Volume and Pair Preferences
The current crypto market is bustling with a trading volume of $207 billion, with BTC trades contributing significantly at $72.93 billion. As of 6:55 p.m. ET on Wednesday, BTC is trading slightly below the $68,000 benchmark, at $67,432 per unit.
The dominant trading pairs for BTC as of Wednesday include USDT, FDUSD, and the U.S. dollar. Circle’s USDC ranks fourth, closely followed by the Korean won, which accounts for 3.36% of the day’s global transactions.
Binance, Coinbase, Bybit, Okx, and Upbit lead the charge in spot bitcoin exchanges by volume.
While the global weighted average price of BTC stands at $67,631 per unit, South Korean crypto trading platforms Upbit and Bithumb show BTC being exchanged at a premium, reaching $74,993 per coin.
Derivatives exchanges witnessed a significant number of short sellers facing setbacks on Wednesday, with $151.69 million in BTC short positions liquidated.
Crypto Market Liquidations and Holder Metrics
On Wednesday, over $128 million in ETH long positions were eliminated from leveraged trades, contributing to a total of $444.66 million liquidated within the crypto market. This included $241.03 million in long positions and $203.63 million in short positions across leading derivatives exchanges, indicating a significant shakeup in the market.
By 8:11 p.m. on Wednesday evening, BTC had rebounded to the $67,877 range, showing resilience amidst the market turbulence.
Current metrics from intotheblock.com show that 96% of holders are currently experiencing profits. Over the past week, there has been a total inflow of $19.79 billion and an outflow of $20 billion on exchanges. Moreover, BTC transactions exceeding $100,000 have amounted to $170 billion this week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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