Leading cryptocurrencies rallied on Sunday as risk appetite surged amid the Securities and Exchange Commission’s push to introduce tokenized-stock products.
Crypto Market Rallies
Bitcoin spiked late evening, briefly surpassing $82,000 before pulling back. Similarly, Ethereum surged past $2,700, supported by a 41% jump in 24-hour volume.
Sentiment has improved after the SEC introduced a regulatory pathway allowing certain tokenized U.S. stocks to trade on blockchains.
Nearly $400 million in cryptocurrency positions were liquidated over the past 24 hours, with shorts taking the heaviest losses, according to Coinglass data.
Bitcoin’s open interest rose 0.90% over the last 24 hours and nearly 10% over the week. On Binance, both retail and whale derivatives traders stayed neutral on the apex cryptocurrency.
“Greed” sentiment returned to the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.81 trillion, up 1.12% over the last 24 hours.
Stock Futures Spike
Stock futures lifted overnight on Sunday. The Dow Jones Industrial Average Futures rose 115 points, or 0.22%, as of 8:44 p.m. EDT. S&P 500 futures were up 0.34%, while Nasdaq 100 Futures added 0.53%.
Middle East tensions escalated as Yemen-based Houthis targeted a key Saudi Arabian airport and a fuel depot belonging to Saudi Aramco.
Meanwhile, the State Department warned Americans to reconsider travel to and through the Middle East and “exercise increased caution.”
Bitcoin Headed Higher?
Killa, a widely followed cryptocurrency analyst and trader, said they’re targeting Bitcoin at $89,070 and advised against shorting near $81,000
“I’m not interested in shorting the same $81,000 highs again & again. Compression within an uptrend will always lead to expansion eventually,” the analyst added. “Even if we range here for longer, I’d rather wait for higher prices.”
Ali Martinez, another well-known chartist and on-chain researcher, noted Ethereum’s breakout above $2,560 with a clean retest as support.
“With the breakout holding, I’m watching $2,760 as the next major target,” the analyst added.
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