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Major coins traded red on Wednesday evening, as suggested by reports from Genesis Global Capital, the institutional cryptocurrency brokerage whose lending unit recently suspended client withdrawals following the collapse of FTX, prepares to file for bankruptcy.
Cryptocurrency gains (+/-) Bitcoin price -2.47% $20,706 Ethereum -3.79% $1,518 Dogecoin -5.74% $0.080
What happened: Bitcoin BTC/USD fell below $21,000 and Ethereum ETH/USD was trading down 3%.
Top Intraday Gainers
Cryptocurrency Earnings (+/-) Kava Price +7.53% $1 Rocket Pool +2.60% $33
Dogecoin DOGE/USD fell 5%, but Shiba Inu SHIB/USD jumped 20% earlier on Wednesday, with Nansen reporting an overwhelming amount of trades on both decentralized and centralized exchanges. As of this writing, SHIB is down 7% in the past 24 hours.
US stocks closed lower on Wednesday after the latest producer price index (PPI) report suggested inflationary pressures continued to ease in December. The Dow Jones Industrial Average (DJIA) fell 1.8%, the S&P 500 fell 1.5% and the tech-heavy Nasdaq Composite fell another 1.2%.
Crypto trade publication CoinDesk is reportedly exploring strategic options to fuel future growth, including a potential sale of a full or partial stake in the company owned by Barry Silbert’s Digital Currency Group.
See more: Best Crypto Day Trading Strategies
Bitcoin prices are weakening as growth fears raise fears on Wall Street that a soft landing may not happen. The outlook for the crypto has improved significantly over the past few weeks, but the current rebound finally appears to be facing some resistance, said Ed Moya, senior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michal van de Poppet tweeted that it looks like the market cycles are repeating themselves, with people again predicting markets to drop all the way to $5,000 and expressing doubts about investing
Kaleo, the pseudonymous analyst, reiterated that $30,000 is still a firm target and believes that we could still see at least a drop below $20,000 before hitting that level.
Read next: Dogecoin, Ethereum Spike as Bitcoin Holds Over $21,000: Analyst Warns ‘Late Bulls Will Swing Lower’ If Apex Crypto Retests This Level
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