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Bitcoin reverses overnight gains after the U.S. open

Bitcoin was down 0.1% over 24 hours at $78,591.04, after trading as high as $79,701.36 overnight and giving back the move in early New York trading.

Reported · Written up by our desk · Market Structure

Crypto’s overnight advance faded after the U.S. open on Wednesday, with Bitcoin undoing gains from earlier Asian and European sessions. By midday in New York, the price was trading within $60 of where it closed on Tuesday, with the latest print at $78,591.04, down 0.1% over 24 hours and up 2.4% over seven days, according to CoinGecko data cited by The Defiant.

Ether fell on the day, quoted at $2,497.54, down 0.2% over 24 hours and up 4.1% over the week, within a $2,472.65 to $2,521.51 range. The broader crypto market value was $2.79 trillion, up 0.04% over 24 hours, with $87.67 billion in volume and bitcoin dominance at 56.5%.

Trading was also shaped by a macro calendar, as the market awaited U.S. inflation releases that feed into expectations for the Federal Open Market Committee meeting. The Defiant cited that August producer prices and consumer prices both publish at 8:30 a.m. ET, and that prediction-market traders now favor a rate increase.

Within the altcoin complex, 30 of the 123 largest non stablecoin tokens rose, while 93 declined. Zcash stood out with a 56.3% weekly gain after Digital Currency Group put $100 million into Grayscale’s listed fund on Tuesday, and The Defiant reported the Zcash ETF disclosed the buyer behind part of that move in a Tuesday 8 K filing.

Latest closeBitcoin $78,536.73 ▲0.1%

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