Bitcoin continues to hover below the $68,000 threshold, showing little sign of breaking out in a week marked by investor caution. Ahead of the US Federal Reserve’s meeting minutes due later tonight, traders are reducing risk, with many eyeing potentially major developments on Friday—namely, a high-stakes Supreme Court decision and the Personal Consumption Expenditures (PCE) report. So where do US markets and cryptocurrencies currently stand?
Market Sentiment Shifts as Investors Recalibrate
Yesterday’s weakness in artificial intelligence stocks briefly pulled buyers back into the markets, but overall momentum remains fragile. This loss of steam likely spells trouble for cryptocurrencies in the medium term. S&P 500 futures have edged up by 0.5%, and if gains hold, it would be the most significant upswing in over a week. Yet, the broader atmosphere is tinged with caution as traders gauge their next moves.
Europe, Crypto Moves, and Key Liquidations
European markets tracked higher, with the Stoxx 600 index gaining nearly 1%, buoyed by the likes of AE Systems and Puig. At the same time, gold climbed back toward $4,900 per ounce, and Japanese Prime Minister Fumio Kishida addressed key economic developments. Meanwhile, slight jitters hit the Euro after speculation emerged that ECB President Christine Lagarde might depart before her term ends in 2027.
In the past 24 hours, cryptocurrency markets saw $221 million in liquidations, with long positions accounting for a hefty $147 million of that total. This marks a 20% uptick in liquidations compared to the previous day, highlighting the increased volatility across digital assets.
Among the top 100 crypto assets, WLFI led the advance with a 22% surge, maintaining its momentum throughout the trading day. Despite Democratic opposition to clear crypto regulation—a reaction tied to stock dealings by members of the Trump family in the UAE—WLFI’s rally defied the prevailing uncertainty. KITE followed as the second-best performer, posting double-digit gains of 14%.
Losses, however, were felt across other tokens, including H, ZRO, PUMP, and NEXO, which lagged behind amid the market’s turbulence.
Key Events: Fed Minutes and US Data in Focus
US durable goods orders slightly beat expectations, coming in at -1.4% compared to the anticipated -2% decline. But the market’s attention squarely shifts to the Federal Reserve meeting minutes, scheduled for release at 10:00 PM local time. With last month’s rate cuts on hold, investors hope the minutes will shed light on policymakers’ motivations and forward-looking expectations.
At 9:00 PM, Fed Governor Michelle Bowman will address regulation and oversight issues at Washington DC’s Exchequer Club, while a simultaneous White House press briefing may deliver new details on ongoing negotiations with Iran. These concurrent events add further weight to an already packed calendar.
Later in the night, former President Trump is set to attend a signing ceremony at midnight, followed closely by eBay’s earnings release at 12:05 AM. The e-commerce giant is expected to report revenues around $2.87 billion with earnings per share anticipated at $1.35—a data point closely watched by capital markets participants.
Trump’s agenda continues with his participation in a policy meeting at 12:30 AM. With little major news anticipated tomorrow, investors may remain defensively positioned, bracing for Friday’s high-impact developments. To halt Bitcoin’s current downtrend, markets are watching for a move above $69,000 as a critical test in the coming days.
