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Leading cryptocurrencies stayed resilient on Tuesday while rising government bond yields weighed on stock markets.
Crypto MarketHolds Steady
Bitcoinheld on to support in the mid-$82,000 region, while bulls attempted a break above $85,000. Ethereumoscillated between $2,650 and $2,740, while XRPand Dogecoin inched higher.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 1.57% and 0.41%, respectively.
More than $220 million in crypto positions were liquidated over the past 24 hours, with long traders suffering most of the losses, accordingto Coinglass data.
Bitcoin’s open interest slid 2.20% over the last 24 hours. A fall in open interest alongside a price increase typically suggests short sellers are buying back contracts to close losing positions.
Investor sentiment leaned toward “Greed,” accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.96 trillion, up 0.30% over the last 24 hours.
Stocks Extend Losses
The stock market continued its downward trend on Tuesday. The Dow Jones Industrial Average fell 131.59 points, or 0.26%, to close at 51,349.9.The S&P 500 dropped 0.16% to end at 7,670.84,while the Nasdaq Composite dipped 0.09% to close at 26,797.54.
Bond yields climbed further, while talks aimed at ending the war in Iran made limited progress.
The returns on long-dated 10-year Treasury notes climbed to 5.29%, its highest level since 2007, while the 30-year yield rose above 5.6%, reaching its highest level since June 2002.
Bitcoin Rally Showing Cracks?
On-chain analytics firm CryptoQuant noted that Bitcoin profit-taking has reached its highest level since Dec. 2024, a signal that demand is “fading.”
“The bull market is intact, but the rally is showing cracks. $80,000 is the first support to watch,” CryptoQuant added.
Blockchain research firm Santiment highlighted that wallets holding 10-10,000 Bitcoin accumulated 41,025 BTC over the past 10 days, increasing their share to 67.93% of the total supply.
However, retail wallets under 0.01 BTC have remained largely “flat” since the $87,000 price peak.
“The current divergence is encouraging, but it isn’t a guaranteed price signal,” Santiment stated. “That combination has repeatedly appeared before stronger Bitcoin moves.”
Photo Courtesy: Marc Bruxelle on .com
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