Bitcoin, XRP, Dogecoin Gain; Ethereum Dips as Jobs Data Trims Rate Hike Odds: Correction Not Lessening Appetite of Whales, Notes Analyst

The cryptocurrency market remained muted on Wednesday, even as softer private employment data modestly reducing the odds of a rate hike.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:15 p.m. EDT)Bitcoin (CRYPTO: BTC)+0.14%$77,532.54Ethereum (CRYPTO: ETH) -0.95%$2,389.24XRP (CRYPTO: XRP) +0.89%$1.35Solana (CRYPTO: SOL) +0.41%$100.13Dogecoin (CRYPTO: DOGE) +0.77%$0.08184Crypto Market StableBitcoin held steady, with trading volume dropping 13% over the last 24 hours. The apex cryptocurrency has corrected by 1.68% over the past week.After failing to hold above $2,400 early in the session, Ethereum slid to an intraday low of $2,356. XRP and Dogecoin also recorded gains.Cryptocurrency-related stocks dipped, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 1.35% and 1.33%, respectively.Over $280 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses, according to Coinglass data.Bitcoin’s open interest fell 0.35% over the last 24 hours. Notably, sentiment among retail and whale derivatives traders was markedly bullish.Top Gainers (24 Hours)Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:15 p.m. EDT)Akedo (AKE) +72.11% $0.01518MultiversX (EGLD) +25.20% $5.02Cash Cat (CASHCAT) +22.02% $0.2747The global cryptocurrency market cap slipped 1.74% in the last 24 hours to $2.60 trillion. Read Also: Stock Market ReboundsStocks halted their losing streak on Wednesday. The Dow Jones Industrial Average rallied 295.07 points, or 0.56%, to end at 53,061.95. The S&P 500 rose 0.46% to close at 7,666.60, while the tech-heavy Nasdaq Composite gained 0.45% to close at 26,217.83U.S. private payrolls increased by 38,000 jobs in August, marking the slowest pace of job creation since January.The probability of a rate hike to 3.75%–4.00% at the Federal Reserve’s meeting later this month fell from 67% to 62.3% in 24 hours, according to the CME FedWatch tool.Whales Buy BTC DipAli Martinez, a widely followed cryptocurrency analyst and trader, noted that large investors have been scooping up Bitcoin despite the correction.Martinez highlighted that since Bitcoin’s retracement from $81,474 to $76,732, whales have accumulated 6,765 BTC, worth roughly $521 million.Bitcoin has pulled back 5.82%, falling from a local high of $81,474 on August 28 to $76,732 today.Despite the correction, whales have continued accumulating.Over the same period, they purchased approximately 6,765 bitcoin:native, worth roughly $521 million. Michaël van de Poppe, another well-known cryptocurrency researcher, analyzed Ethereum’s moves, highlighting potential downside sweeps to $2,355 followed by $2,300 as initial buying zones.“Best case: $2,200 would be the ideal spot for long entries,” Van De Poppe said. “However, ultimately, this dip is to get yourself positioned before ETH goes to $3,000.”When it comes to , there are three levels to monitor here.I'm looking at a case of $2,355 sweep first, and that probably drags it to $2,300 of which I'd like to start building a position.Best case: $2,200 would be the ideal spot for long entries.However, ultimately,… Read Also: Bitcoin Is 'Not Exactly Gold' but That's a Good Thing, Bitwise Exec Says Photo Courtesy: vinnstock on Shutterstock.com