Cryptocurrency Prices Decline as Stock Market Rallies

On Wednesday, leading cryptocurrencies experienced a dip, painting a contrasting picture against the robust rally in the stock market. Investors appear to have rising expectations concerning the upcoming policies of the new Donald Trump administration.

Cryptocurrency	Gains +/-	Price (Recorded at 7:30 p.m. ET)
Bitcoin BTC/USD	-2.33%	$103,392.39
Ethereum ETH/USD	-2.13%	$3,255.66
Dogecoin DOGE/USD	-1.94%	$0.3612

Market Overview: Bitcoin saw a gradual decline from its previous peak of $107,000, hitting an intraday low of $102,561 overnight. Similarly, Ethereum followed this downward trend, losing more than 2% recently and accumulating a total weekly loss of over 5%.

Despite the SEC, under acting Chairman Mark Uyeda, establishing a dedicated cryptocurrency task force to create regulations, many investors feel let down due to the absence of any significant executive orders from the Trump administration regarding cryptocurrencies.

In the past day, 96,027 traders faced liquidation, resulting in total liquidations amounting to $185.56 million, predominantly affecting long positions worth $133.52 million.

The decline in Bitcoin's Open Interest, which fell by 3.06% within the last 24 hours, is mainly attributed to long liquidations. However, a rebound to $107,000 could lead to the liquidation of approximately $565 million worth of short positions.

According to the Crypto Fear & Greed Index, market sentiment has shifted from