bulls-eye (BULL) news

XRP, BNB Edge Higher as Bitcoin Bulls Eye $90K After Tuesday Bloodbath

Bitcoin (BTC) neared $89,000 in Asian morning hours after a 24-hour low of $86,200, slightly improving market sentiment with major tokens showing signs of a recovery. XRP and BNB Chain’s BNB led a gradual majors rebound Wednesday as traders continue to reel from Tuesday’s carnage — one that saw overall capitalization drop as much as 10% and at least $1.2 billion in losses on bullish bets. The move higher was in line with a CoinDesk analysis on Tuesday, as a five-month low in a sentiment index and a large-scale liquidation event indicated assets were likely oversold and could see relief in the short term. Gold fell 1.3% on Tuesday after a profit-taking bout following a record rally where it touched a new high Monday, but rose higher in Asian morning hours Wednesday. Reasons for Tuesday’s panic ranged from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to a stronger yen, a perceived safe-haven currency whose growth tends to pull down riskier bets. Expectations for easier U.S. Federal Monetary policy have surged, however, with prediction markets putting chances of a May rate cut to 30% over the past week, and the chances of two rate cuts by June have more than tripled to 15%. These hopes come after a gauge of U.S. consumer confidence marked its deepest fall since August 2021, decreasing 7 points in February to 98.3 in its third straight decline. U.S economic data and policies tend to impact prices of risk assets such as bitcoin, as crypto traders bet on expectations of retail participation as idle cash frees up. Source: CoinDesk Futures Market Updates As Bitcoin fell below $90K, massive liquidations had happened across markets. Bitcoin Futures Updates Total BTC Open Interest: $57.08B (-4.86%) BTC Volume (24H): $156.63B (+30.43%) BTC Liquidations (24H): $258.47M (Long)/$16.39M (Short) Long/Short Ratio: 48.54%/51.46% Funding Rate: 0.0060% Ether Futures Updates Total ETH Open Interest: $21.69B (-4.77%) ETH Volume (24H): $61.64B (+6.58%) ETH Liquidations (24H): $180.19M (Long)/$15.94M (Short) Long/Short Ratio: 49.61%/50.39% Funding Rate: 0.0068% Top 3 OI Surges COW: $40.05M (+371.89%) ALCH: $39.83M (+132.05%) PIPPIN: $9.14M (+53.27%)