Leading cryptocurrencies rallied sharply Wednesday, diverging from the stock market’s negative action. What Happened: World’s largest cryptocurrency, Bitcoin recovered to $58,000 after dramatically plunging over 3% in 15 minutes overnight on Tuesday. However, the rise could not be sustained, as King Crypto quickly reversed and became rangebound. Ethereum also made a U-turn, breaching past $2,400 following a decline to $2,300 the previous day. The total cryptocurrency liquidations reached $86.13 million in the last 24 hours, with short liquidations accounting for 66%. Bitcoin’s Open Interest ro…
