Bitcoin Dips, Ethereum Slides Under $3,000 As GDP Data, Fed Signals Come Into Focus

Markets are focused on a delayed third-quarter GDP print, along with durable goods orders and industrial production data later in the session.

• Bitcoin and Ethereum led declines in the last 24 hours ahead of a busy U.S. economic calendar.
• The broader cryptocurrency market declined 2.1% over the same period, holding just above a $3 trillion total market capitalization.
• CoinGlass data showed roughly $254 million in liquidations over the past 24 hours, with long positions accounting for most of the losses.

Bitcoin (BTC) and Ethereum (ETH) led losses in early Tuesday trade as investors turned cautious ahead of a delayed third-quarter economic growth report and a heavy slate of U.S. data later in the session.

The calendar includes third-quarter GDP, followed by durable goods orders, and industrial production – all three of which could indicate how the Federal Reserve may approach U.S. monetary policy ahead of the next meeting.

Bitcoin’s price fell 2.5% in the last 24 hours to $87,500, while Ethereum’s price dipped 2.4% to $2,966 – slipping under the $3,000 mark. On Stocktwits, retail sentiment around Bitcoin remained in ‘extremely bearish’ territory over the past day, even as chatter rose to ‘normal’ from ‘low’ levels. Meanwhile, retail sentiment around Ethereum trended in ‘bearish’ territory over the past day, with chatter unchanged at ‘normal’ levels.

Traders Were Betting Crypto Prices Would Rise

The broader crypto market fell 2.1% over the past 24 hours, holding just above a $3 trillion total market value. Liquidations totaled roughly $254 million, led by $192 million in long positions, while short liquidations accounted for about $62 million. Bitcoin, Ethereum, and Solana (SOL) recorded the largest forced liquidations, with losses concentrated on the long side in line with the wider market move.

Altcoins Remain Weak

Among the top 10 cryptocurrencies by market capitalization, every token was in the red on Tuesday morning. Binance Coin (BNB) fell 1.9% in the last 24 hours, while Ripple’s native token XRP (XRP) and Solana each fell around 1.8%. Dogecoin (DOGE) dropped 1.4% for the day, and Cardano (ADA) fell 1.1%.

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