Major cryptocurrencies were flat on Tuesday, in line with subdued movements in the stock market.
Cryptocurrency +/- Price Rise (Recorded at 8:30pm EDT) Bitcoin BTC/USD+0.77%$67,187.47 Ethereum ETH/USD
-0.44%$2,616.25Dogecoin DOGE/USD -2.07%$0.1381
What happened: Bitcoin experienced volatile price activity in the $67,000 range, with bulls eyeing the psychologically important milestone above $70,000.
Ethereum fell to nearly $2,500 before reversing course. These assets soared to multi-month highs just before the trading week began, but have since failed to maintain their gains.
Total crypto liquidations in the past 24 hours exceeded $112 million, with bullish leveraged traders facing the biggest losses.
According to Coinglass, nearly $1.6 billion in short positions will be liquidated if Bitcoin recovers to $69,000.
Bitcoin futures open interest fell by 0.60%, reflecting the contraction in spot prices.
However, according to the Crypto Fear and Greed Index, market sentiment is still in the “greed” zone as of this writing.
Top Gainers (24 hours)
Cryptocurrency +/- Price Rise (Recorded at 8:45 PM EDT)Beam (BEAM)+10.73%$0.01951Popcat (POPCAT)+10.70%$1.42Kaspa (KAS)+5.72%$0.1358
Global cryptocurrencies reached $2.33 trillion, shrinking by 0.66% in the past 24 hours.
Major stock indexes ended lower for the second consecutive day. The Dow Jones Industrial Average fell 0.02% to end at $42,924.89. The S&P 500 fell 0.05% to 5,851.20. The tech-heavy Nasdaq Composite Index showed positive signs, closing 0.18% higher at 18,573.13.
The slow movement comes at a time when the benchmark 10-year U.S. Treasury yield has exceeded 4.2% for the first time in almost three years and is rising.
Meanwhile, investors expected a 91% chance of a 25 basis point rate cut at the next FOMC meeting, according to the CME FedWatch tool.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular crypto analyst and trader Justin Bennett predicts that Bitcoin will fall further from its range-bound move.
“Bitcoin whales and retail positioning indicate a pass is likely lower at this time. However, quick liquidity gains at $68,200 should not be ruled out first,” Bennett said. said.
Interestingly, crypto analysis firm Kaiko reported that the Bitcoin premium on South Korean exchanges has turned into a discount, traditionally considered a precursor to a BTC rally.
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