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Leading cryptocurrencies pulled back on Sunday after a sharp rally earlier in the week as geopolitical tensions tempered risk appetite.
Crypto MarketCools Down
Bitcoinclimbed to $78,000, faced resistance, and then began consolidating. The apex cryptocurrency has jumped 22% over the week to hit levels last seen more than three months ago.
Ethereum’strading volume fell 17% over the last 24 hours as it traded between $2,357 and $2,483. XRPand Dogecoin recorded notable declines.
Nearly $400 million was liquidated from the cryptocurrency market in the last 24 hours, with $220 million in bullish long positions erased, accordingto Coinglass data.
Open interest in Bitcoin futures fell marginally by 0.02% over the last day but remained 17% higher over the week. Retail and whale derivatives traders on Binanceremained in a “Neutral” position.
“Greed” sentiment persisted in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.63 trillion, following a modest increase of 0.18% over the last 24 hours.
StocksFutures Slide
Stock futures ticked lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 48 points, or 0.09%, as of 8:41 p.m. EDT. Futures tied to the S&P 500 dipped 0.03%, while Nasdaq 100 Futures slid 0.06%.
Geopolitical tensions continued to weigh on investor sentiment as Treasury Secretary Scott Bessent said Washington will impose the “toughest sanctions in history” on Iran, with more details expected Monday.
Meanwhile, investors will be watching Wednesday’s release of the July personal consumption expenditures price index for new clues on inflation.
Bitcoin Headed to $82,000?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, predicted a “little dip” for Bitcoin on Sunday evening, followed by a continuation higher to break $82,700, while viewing $74,000 as a “massive area” to buy if tested.
Van De Poppe also weighed in on Ethereum’s potential, stating that ETH is more likely to make another run toward the highs in the coming days.
On the other hand, the analyst identified $2,200 as a potential entry point on any retest of lows.
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