Bitcoin (BTC) Dives Below $96K, Ethereum (ETH) Crashes 11% as Crypto Market Cracks

The cryptocurrency market cracked further Thursday as risk sentiment remained low following the Federal Reserve's hawkish statements.

The cryptocurrency market witnessed a further decline on Thursday as risk appetite remained low following hawkish statements from the Federal Reserve.

Bitcoin Surges To $102,000, Gives Up Gains Later

Bitcoin started the day with a rally to $102,000 but gave up gains as the day progressed, dipping below $96,000 for the first time in over a month.

However, the apex coin was trading above water at last glance, up 0.07% over the past 24 hours at a price of $96,233. Bitcoin is now down 1.44% over the past week.

Ethereum Surges Past $3,700, Slides Below $3,400

Ethereum started the day with a lift above $3,700, only to crash down below $3,400 by late afternoon.

The world's second-largest cryptocurrency was down over 11% over the past week.

After beginning the day with gains, ETH was trading at a price of $3,383, up 0.02% over the past 24 hours but down 11.33% over the past seven days.

Over $1 Billion Liquidated From Crypto Market

Over $1 billion was liquidated from the cryptocurrency market on Thursday as the market took a downturn.

Of the total liquidations, long liquidations accounted for $860 million.

Bitcoin Open Interest Drops 4.24%

Bitcoin's Open Interest plunged 4.24% in the last 24 hours, alongside a drop in spot price.

However, the percentage of Binance traders taking long positions for the cryptocurrency rose sharply to 61%, against 38% betting against the asset, according to the Long/Short Ratio.

Crypto Fear & Greed Index Shows ‘Greed’

The "Greed" sentiment weakened in the market, according to the Cryptocurrency Fear & Greed Index.

The index was down at a reading of 60 on Thursday, after hitting a two-month high of 64 earlier in the week. A reading of 0 on the index indicates "Extreme Fear," while a reading of 100 indicates "Extreme Greed."

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.33 trillion, following a contraction of 4.91% in the last 24 hours.

Dow Drops Out Of 10-Day Losing Streak

The Dow Jones Industrial Average snapped out of its 10-day losing streak Thursday but only just, gaining 0.04%, to close at 42,342.24.

The S&P 500 slipped 0.09% to end at 5,867.08, while the tech-heavy Nasdaq Composite dropped 0.10% to 19,372.77.

Stock Market Got Hammered After Fed Signals Hawkish Outlook

These moves come a day after the stock market got hammered after the Federal Reserve signaled a hawkish outlook, with fewer rate reductions in 2025 than expected.

The benchmark 10-year Treasury yields increased to 4.55%, the highest since May 30.