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Leading cryptocurrencies fell alongside stock futures on Sunday evening amid speculation over CLARITY Act passage and AI CEOs’ warnings of major safety risks.
Crypto MarketComes Under Strain
<a href="https://xpertsstudio.com/another-bitcoin-bridge-broke-and-this-time-billions-were-minted/” title=”Another Bitcoin Bridge Broke, and This Time Billions Were Minted”>Bitcoindropped to an intraday low of $76,367 late in the evening, while 24-hour trading volume spiked 10%. Ethereumfollowed a similar pattern later in the session, while XRPand Dogecoinsold off sharply.
The Senate is scheduled to hold a procedural cloture vote on the CLARITY Act on Tuesday.
Over $270 million was liquidated from the cryptocurrency market over the last 24 hours, with long position traders bearing the brunt of the losses, accordingto Coinglass data.
Bitcoin’s open interest rose 0.75% from the previous day. An increase in open interest combined with a price dip indicates a short build-up, meaning bearish traders are entering the market.
The market held onto a “Greed” sentiment despite the dip, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.62 trillion, down 0.89% in the past 24 hours.
Stock Futures Dip AfterAI Risks Flagged
Stock futures traded lower overnight on Sunday. The Dow Jones Industrial Average Futures lost 91 points, or 0.17%, as of 8:37 p.m. EDT. Futures tied to the S&P 500 dropped 0.53%, while Nasdaq 100 Futures fell 1.27%.
Anthropic CEO Dario Amodeicalled on AI companies to slow advancements, following warnings from researchers about potential catastrophic risks. OpenAI CEO Sam Altman expressed support for Amodei’s essay, emphasizing the need to “pace the frontier.”
Investors will closely watch the Federal Reserve’s policy meeting this week, as markets currently price in an 86% probability of a rate hike, according to the CME FedWatch tool.
Where is Bitcoin Headed?
Cryptocurrency chartist Michaël van de Poppe said Bitcoin needs to reclaim $78,000 for a potential rally to $90,000 in coming weeks
However, he affirmed that he’d buy dips if $78,000 doesn’t break and BTC falls to $74,000.
Ali Martinez, a widely followed cryptocurrency analyst and trader, drew attention to the formation of an ascending triangle on Ethereum’s 12-hour chart
“The last triangle breakout sent Ethereum surging 31% in just three days,” Martinez stated. “If ETH breaks out again, a similar move could send it to $3,000.”
An ascending triangle is typically viewed as a bullish chart pattern that can precede an upside breakout. Price usually breaks above the horizontal resistance line, suggesting the prior uptrend is likely to resume.
Photo Courtesy: Marc Bruxelle on .com
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