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Leading cryptocurrencies rose on Monday as investors weighed developments related to Iran and the possibility of a White House meeting with cryptocurrency and prediction-market executives.
Crypto MarketGains Momentum
Bitcoinfell sharply overnight after breaking $65,500 in early trading. Trading volume for the apex cryptocurrency jumped 43% over the last 24 hours.
Ethereumremained volatile around the $1,700 mark, as buying and selling pressure from bulls and bears created significant swings
Cryptocurrency-related stocks also rose, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 4.99% and 3.68%, respectively.
President Donald Trump is reportedly expected to host top cryptocurrency, prediction market and finance executives at the White House this week.
Over $210 million was liquidated from the cryptocurrency market in the last 24 hours, with $175 million in bearish short <a href="https://xpertsstudio.com/jane-street-unveils-nearly-1b-bitcoin-etf-position-holding-15394-btc-exposure/” title=”Jane Street Unveils Nearly $1B Bitcoin ETF Position, Holding 15,394 BTC Exposure”>positions alone wiped out, accordingto Coinglass data.
Bitcoin’s open interest spiked 3% over the last 24 hours to $49.06 billion. Meanwhile, retail and whale derivatives traders on Binance lowered their BTC long exposure, although overall sentiment remains bullish.
The global cryptocurrency market capitalization stood at $2.18 trillion, following a marginal increase 0.58% over the last 24 hours.
Stocks End Lower
Stocks began the new trading week in the red. The Dow Jones Industrial Averagefell 272.63 points, or 0.51%, to close at 53,459.78. The S&P 500 dipped 0.52% to close at 7,745.06,while the tech-heavy Nasdaq Composite closed down 0.32% at 26,644.91.
The Memorandum of Understanding signed between the U.S. and Iran on June 17 expired on Monday as negotiations between the two sides continued to stall.
President Donald Trumptold reporters that Iran wants to make a deal, but won’t agree to the kind of deal he thinks is “necessary.”
Institutional Demand Tapering
On-chain analytics firm CryptoQuant highlighted that Bitcoin’s Coinbase Premium Index has been negative for over three months.
The Coinbase Premium Index measures the percentage difference between Bitcoin’s price on Coinbaseand its price on global exchanges. It tracks U.S. institutional buying versus global retail demand.
“Looking at current data, CPI sits at -0.10 — deep in negative territory. Until this index crosses back above zero, a high-momentum uptrend in BTC is unlikely,” CryptoQuant said.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, identified $65,000 as near-term resistance for potential profit-taking, while maintaining a bullish outlook that the bottom is in and price would head toward $73,000 in the longer term.
The analyst said they’d also consider buying BTC below $64,000 in the coming days.
Photo Courtesy: Marc Bruxelle on .com
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