Bitcoin, Ethereum, Dogecoin Sink Amid Stocks Decline, Treasury Yields Climb: Analyst Sees 'Promising Signs' — Retest 'Successful' If King Crypto Stays Above This Level – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Leading cryptocurrencies joined stocks in a broader sell-off on Wednesday as the market lost momentum seen at the beginning of the week.

What Happened: Bitcoin plummeted as low as $65,188 during trading hours before recouping losses overnight. 

Ethereum sank below $2,500 for the first time in nearly 10 days, hitting an intraday low of $2,463. Over the last week, Bitcoin’s dominance has steadily increased at the cost of Ethereum and other altcoins. 

Total cryptocurrency liquidations topped $277 million in the last 24 hours, the highest in a week. Upside bets to the tune of $203 million were wiped out.

Bitcoin’s Open Interest dropped 0.87% in the last 24 hours, while Ethereum recorded a 1.15% decline in funds locked in unsettled contracts.

That said, the number of traders longing Bitcoin significantly exceeded those betting against the cryptocurrency, as per the Long/Shorts Ratio.

Additionally, market participants remained greedy as of this writing, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.28 trillion, following a drop of 2.19% in the last 24 hours.

Stocks recorded a third straight session of losses. The Dow Jones Industrial Average plunged 409.94 points, or 0.96%, to end at 42,514.95. The S&P 500 slipped 0.92% to close at 5,797.42, while the tech-heavy Nasdaq Composite fell 1.60% to 18,276.65.

The benchmark 10-year Treasury yield continued its climb, briefly exceeding 4.25%, its highest since last week of July. Interestingly, the yield has risen significantly since the aggressive 0.5% interest rate cut enacted by the Federal Reserve last month. 

Meanwhile, investors expected a 91% chance of a 25 basis point rate cut during the next FOMC meeting, as per the CME FedWatch tool.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst and trader Rekt Capital said that the ongoing retest would be deemed “successful” if Bitcoin managed to stay above $66,200 until the new weekly close.

“Promising signs so far,” the trader remarked.

Widely-followed cryptocurrency market researcher Michaël van de Poppe attributed Bitcoin’s sideways movement to rising Treasury yields and the U.S. dollar. 

However, he predicted volatility once more macroeconomic data starts trickling in.

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