Bitcoin Chops In $64K, Ethereum, Dogecoin Dip On Day Major Crypto Firms Reported Earnings: Analyst Says This Likely If King Crypto Rebounds To $70.4K

Bitcoin wobbled, Ethereum, Dogecoin slid Thursday as top cryptocurrency-based firms reported their earnings after market close.

What Happened: Bitcoin dipped below $63,000 in the morning hours before clawing back to the $64,000 zone by afternoon. The choppy movement meant King Crypto was little changed in the day.

Ethereum slipped below $3,200, marking a drop of 10% since spot ETFs tracking the price of the asset went up for trading on stock exchanges.

MicroStrategy Inc. MSTR, Marathon Digital Holdings Inc. MARA, and Coinbase Global Inc. COIN reported their Q2 earnings after the closing bell, involving a tale of hits and misses.

Market liquidations hit a weekly high of $291 million, with liquidations of bullish leveraged bets accounting for 79% of the total.

Consequently, traders going long on Bitcoin dipped sharply in the last 24 hours, according to the Longs/Short Ratio indicator.

About 38% of the market is bullish on Bitcoin as of this writing, according to Coinglass, with 27% having a bearish view. About 35% of the participants are neutral.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.33 trillion, rising 0.02% in the last 24 hours.

Stocks sank lower on Thursday. The Dow Jones Industrial Average plunged 494.82 points, or 1.21%, to finish at 40,347.97. The S&P 500 plummeted 1.37% to close at 5,446.68, while the tech-focused Nasdaq Composite crashed 2.30% to close at 17,194.15. Both indexes recorded their best session since February.

The heavy sell-offs come following the release of worse-than-expected jobless claims data for the week ending July 27. Additionally, the manufacturing sector recorded the fourth straight month of contraction.

These weak macro indicators sparked fears of economic decline,

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency analyst and trader Rekt Capital predicted that the BTC's ongoing correction won't be as long as the previous ones.

"The initial retrace inside the pattern took 5 weeks to bottom. The one after that took 4 weeks to bottom. This current one could take only 2-3 weeks to bottom," the trader projected.

Another popular name in the cryptocurrency circles, Ali Martinez, highlighted massive liquidations of bullish leveraged bets due to BTC's move below $63,000.

However, he cautioned short position traders that a rebound to $70,440 would wipe away $2.40 billion in downside bets.

Read Next:

• Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump’s Pro-Crypto Stance