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Leading cryptocurrencies fell on Monday as geopolitics and elevated oil prices trimmed risk-on appetite.
Long Liquidations Spike
Bitcoinbulls awaited a breakout above $80,000, even as trading volume surged 12% over the last 24 hours.
<a href="https://xpertsstudio.com/ethereum-plans-to-allow-stablecoin-gas-payments-will-eth-demand-be-weakened/” title=”Ethereum Plans to Allow Stablecoin Gas Payments: Will ETH Demand Be Weakened?”>Ethereumalso recorded a spike in trading activity as the second-largest cryptocurrency challenged the resistance at $2,530. Dogecoin was the outlier, gaining 1.66% over the previous day.
Over $175 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly wiping out leveraged long positions, accordingto Coinglass data.
Bitcoin’s open interest marginally fell over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, meanwhile, was “extremely bullish.” Retail and whale derivatives traders on Binance stayed net long.
The global cryptocurrency market capitalization contracted by 0.15% over the last 24 hours to $2.71 trillion.
Dow Futures Plunge
Stock futures traded mixed Monday evening. The Dow Jones Industrial Average Futures dropped 328 points, or 0.61%, as of 9:25 p.m. EDT. Futures tied to the S&P 500 slid 0.12%. Nasdaq 100 Futures stood out, gaining 0.24%.
Geopolitical tensions kept investors on edge as U.S. Central Command said it struck three Iranian tankers during the weekend after Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles at two Navy ships. West Texas Intermediate Crude is up 1.11% to $92.50 per barrel.
The New York Stock Exchange and the Nasdaq were closed on Monday for the Labor Day holiday. Regular trading will resume on Tuesday.
Will BTC Test Lows Again?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, views the $72,000–$74,000 zone as a key test for Bitcoin
“If Bitcoin somehow comes back down to $72,000-74,000 and doesn’t quickly bounce from there, we’re not in a bull market,” the analyst added.
On-chain analytics firm CryptoQuant noted that Bitcoin’s short-term holder whale unrealized profit has hit a record high
“A cohort sitting on a record paper gain can turn into sellers the moment price wobbles, and STH whales are historically the fastest to take profit when it’s available,” CryptoQuant stated.
Photo Courtesy: Marc Bruxelle on .com
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