Leading cryptocurrencies sank deeper on Monday as the market recorded over $1 billion in liquidations.
‘Extreme Fear’ Back In Crypto
Bitcoin tumbled below $106,000 as deleveraging continued in the market. The apex cryptocurrency's trading volume more than doubled to $74 billion over the last 24 hours.
Ethereum sank below $3,600 overnight, as trading volume surged significantly, suggesting high selling pressure.
Nearly $1.28 billion was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with long positions accounting for 90% of the total.
Interestingly, Bitcoin's open interest rose marginally by 0.03% in the last 24 hours. An increase in open interest combined with a decline in price typically indicates the opening of new short positions.
Nearly 70% of Binance traders with open BTC positions were betting on the asset's price increase as of this writing.
The market plunged into "Extreme Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Dash (DASH ) | +28.84% | $117.40 |
| Zcash (ZEC) | +3.78% | $428.71 |
| MemeCore (M ) | +1.21% | $2.34 |
The global cryptocurrency market capitalization stood at $3.55 trillion, shrinking by 0.39% in the last 24 hours.
Tech Stocks Rally After Amazon-OpenAI Deal
Major stock indexes closed in the green on Monday. The S&P 500 rose 0.17% to finish at 6.851.97, while the tech-heavy Nasdaq Composite rallied 0.46% to settle at 23,834.72.
The Dow Jones Industrial Average, on the other hand, slid 226.19 points, or 0.48%, to 47,336.68.
Amazon. Com, Inc. (NASDAQ:AMZN) drove the tech rally, rallying 4% in the regular session after the tech giant struck a $38 billion multi-year partnership with OpenAI to provide computing infrastructure to support the latter's artificial intelligence workloads. The stock closed at a record high.
ETH In Final Stage Of Correction?
Ryan Lee, Chief Analyst at a Universal Exchange Bitget, said in a note to Benzinga that Bitcoin could test resistance at $115,000–$120,000 in the short term if macro sentiment improves, while Ethereum may climb toward $4,200.
"Key catalysts to monitor include upcoming Fed rate decisions, ongoing ETF inflows, and regulatory clarity from global bodies such as the SEC — all of which could accelerate mainstream integration," Lee added.
However, the analyst flagged "geopolitical tensions and unexpected inflation prints" as key downside risks.
Widely followed cryptocurrency commentator Wolf said ETH is entering the "final stage of the correction" and more downsides could be on the way.
"I still expect a sweep of the $3400s… unless ETH can reclaim the 3900s," the analyst predicted
Photo Courtesy: bitz100 on Shutterstock.com
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