Amid heightened geopolitical tensions, major cryptocurrencies fell on Monday in line with falling stock prices.
Cryptocurrency Profit +/- Price (Recorded at 8:30 PM EDT)Bitcoin BTC/USD-0.61%$62,482.57Ethereum ETH/USD
-0.81%$2,436.34 Dogecoin DOGE/USD -2.46%$0.109
What happened: Bitcoin hit a high of $64,400 in early trading before falling sharply. By the evening, major cryptocurrencies had plummeted to the low $62,000 range.
Ethereum mirrored the above trajectory, surging above $2,500 in the morning, but falling to $2,400 after the stock market closed.
Cryptocurrency liquidations have skyrocketed, exceeding $214 million in the past 24 hours. More than $140 million invested in bullish bets has disappeared.
Open interest in Bitcoin futures fell by 2.87%, further indicating that long positions were being unwound.
Cryptocurrency Fear & Greed remains in the “neutral” zone, indicating a balance of market forces.
Top Gainers (24 hours)
+/- Price Increase in Cryptocurrencies (Recorded at 8:30 PM EDT)First Neilo on Ethereum (NEIRO)+18.27%$0.001657Cat in a Dogs World (MEW)+15.35%$0.007216Sui (SUI)+8.78%$2.04
Global cryptocurrencies shrank by 0.61% in the past 24 hours to $2.17 trillion.
The stock fell on Monday after closing higher last week. The Dow Jones Industrial Average fell 398.51 points, or 0.94%, to end at 41,954.24. The S&P 500 Index fell 0.96% to close at 5,695.94, while the tech-heavy Nasdaq Composite Index reversed 1.18% to close at 213.95.
Traders assessed the economic and geopolitical implications of escalating tensions in the Middle East.
West Texas Intermediate (WTI) crude rose nearly 3% to $77 a barrel earlier in the day on concerns about an Israeli attack on Iranian oil facilities. Additionally, the benchmark 10-year Treasury yield rose above 4% for the first time since the last week of July.
Investors are currently awaiting the release of the FOMC minutes from the US Federal Reserve’s September policy meeting, scheduled for Wednesday, and the Consumer Price Index, scheduled for Thursday.
See more: Best Cryptocurrency Scanner
Analyst Note: Renowned crypto analyst and trader Recto Capital says Bitcoin is poised to continue its upward momentum with a daily close above $64,230
Ali Martinez, a widely followed crypto researcher, highlighted the potential for Ether to rally towards $6,000, given that Ether maintains support above $2,300.
On the contrary, he pointed out that if Ether fails to maintain a key support level, it risks plummeting to $1,600.
Its importance can be assessed by the fact that about 2.77 million addresses are bagging 52.65 million Ether at the aforementioned levels.
Photo by SvetlanaParnikova from Shutterstock
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