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Leading cryptocurrencies slid on Sunday after the U.S. and Iran resumed hostilities after a nearly month-long lull in fighting.
Crypto Market Drops
Bitcoinfell below $77,000 late Sunday before paring its losses, while trading volume surged 48% over the past 24 hours.
Ethereumfell back below $2,400 following an earlier spike to $2,532. XRPand Dogecoinlikewise traded lower.
Nearly $400 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, accordingto Coinglass data.
Bitcoin’s open interest slipped 0.83% over the last 24 hours. Bitcoin’s long/short ratio declined among both retail and derivatives traders, though both groups remained net long overall.
“Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.61 trillion, down 0.90% over the last 24 hours.
Stocks Futures Slide After Iran Strikes
Stock futures fell overnight on Sunday. The Dow Jones Industrial Average Futures slipped 80 points, or 0.15%, as of 8:42 p.m. EDT. Futures tied to the S&P 500 dipped 0.26%, while Nasdaq 100 Futures fell 0.35%.
Geopolitical tensions escalated after the U.S. hit Iranian rocket launchers on Larak Island in southern Iran Iran’s Revolutionary Guards said it targeted U.S. bases in Jordan in response
Bitcoin Facing Final Hurdle?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that whales accumulated nearly $3 billion in Bitcoin over the past week, signaling “continued interest from large investors.”
Michaël van de Poppe, another widely followed cryptocurrency commentator, highlighted Bitcoin’s liquidity sweep at $77,000 followed by gaining $78,000 as support on the hourly chart.
“It’s now facing the final hurdle before it will start attacking the highs again,” Van De Poppe added. “What will the target then be? $82,700. Nothing else.”
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