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Leading cryptocurrencies corrected on Tuesday as investors weighed in on President Donald Trump’s latest warnings to Iran.
Crypto Market Cools Down
Bitcoindived below $77,000, while Ethereumretreated beneath $2,400 amid a sharp correction across the cryptocurrency market.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 6.06% and 7.70%, respectively.
Long liquidations spiked, with over $250 million liquidated after the drop in spot prices, accordingto Coinglass data.
Bitcoin’s open interest fell 2.84% over the last 24 hours. Interestingly, smart money sentiment on Binance, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bullish.”
“Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.60 trillion, contracting by 1.86% over the last 24 hours.
Stocks Pressured After US Strikes on Iran
Stocks extended their losses on Tuesday. The Dow Jones Industrial Averageplunged 419.02 points, or 0.79%, to end at 52,766.88. The S&P 500 declined 0.71% to close at 7,631.4,while the Nasdaq Composite shed 1.03% to settle at 26,099.77.
The U.S. militarylaunched a fresh wave of strikes on Iranian targets near the Strait of Hormuz, in retaliation for what President Donald Trump said was a “failed attempt at adding sea mines” to the critical waterway.
Trump warned Iran of further consequences if it retaliates for this “justified attack” by the U.S.
Bitcoin Repeating 2023 Pattern?
Ali Martinez, a widely followed cryptocurrency analyst and trader, said Bitcoin could be mirroring its 2023 bottoming pattern, with multiple tests of a descending channel’s upper trendline before a breakout.
“If history repeats, we could see a few more failed breakout attempts, followed by a pullback toward the mid-range near $70,000, before a decisive breakout,” the analyst remarked.
On-chain analytics firm CryptoQuant noted that Bitcoin’s underlying on-chain structure appears weaker than the price rally suggests, with holders consistently realizing profits.
Net Realized Profit and Loss indicator saw two major spikes last month, among the largest this year outside the January-February crash.
“Pressure hasn’t cleared, just shifted from acute to chronic,” CryptoQuant added. “Bottom line: price direction hinges on which breaks first — fading spot demand or persistent realized profit.”
Photo Courtesy: Marc Bruxelle on .com
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