Leading cryptocurrencies lifted alongside stocks on Monday, while oil prices fell as President Donald Trump halted strikes against Iranian energy infrastructure after reporting “very good and productive conversations” with Tehran.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +4.13% | $70,648.63 |
| Ethereum (CRYPTO: ETH) |
+4.55% | $2,143.59 |
| XRP (CRYPTO: XRP) | +2.77% | $1.42 |
| Solana (CRYPTO: SOL) | +5.39% | $90.91 |
| Dogecoin (CRYPTO: DOGE) | +3.27% | $0.09352 |
Crypto Market Rebounds
Bitcoin hit an intraday high of $71,782, accompanied by a 80% jump in 24-hour volume. Bitcoin’s social chatter also jumped 38%, according to Santiment.
Ethereum nearly reclaimed $2,200, with strong buying pressure resulting in 92% jump in volume
Shares of Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 1.87% and 1.67%, respectively.
Nearly $660 million was liquidated from the cryptocurrency market over the past 24 hours, mostly from bearish short positions, according to Coinglass data.
Open interest in Bitcoin futures rose 3.66% in the last 24 hours. Binance’s derivatives traders, including retail and whale, stayed long on the apex cryptocurrency.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
| Jito (JTO) | +23.57% | $0.3472 |
| Undeads Games (UDS) | +20.22% | $1.79 |
| Templar (SN3) | +15.43% | $26.46 |
The global cryptocurrency market capitalization stood at $2.42 trillion, following an increase of 3.41% over the last 24 hours.
Stocks Rally After Hints Of Iran Ceasefire
Stocks kicked off the new trading week on a high. The Dow Jones Industrial Average rallied 631 points, or 1.38%, to end at 46,208.47. The S&P 500 climbed 1.15% to end at 6,581.00, while the tech-focused Nasdaq Composite gained 1.38% to settle at 21,946.76.
The uptick came after Trump said that the U.S. held “very good and productive conversations” with Iran and postponed all strikes on the country’s energy infrastructure for five days.
Iran’s foreign ministry denied any dialogue had taken place, claiming Trump’s move was intended to influence energy prices.
Oil prices plunged as West Texas Intermediate crude futures dropped 10% to $88 per barrel. Expectations of a ceasefire curbed safe-haven demand, pulling spot gold down 1.05% to $4,360 per ounce.
Bitcoin Needs To Sustain $69,000, Says Analyst
Michaël van de Poppe, a well-known cryptocurrency analyst, said that Bitcoin’s latest uptick is event-driven.
“If this holds and Bitcoin sustains above $69,000, we’re making a higher low and continuing the lower-timeframe uptrend,” Van De Poppe said. “In that sense, we can still have a test at $74,000-$75,000 this month.
On-chain analytics firm CryptoQuant reported that the Bitcoin Momentum Whale Ratio, which tracks the rate of change in inflows driven by large holders, reached an 11-year high.
“This means that large participants are currently engaged in aggressive accumulation and large-scale capital movement that is surpassing any historical cyclical movements,” CryptoQuant said.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
Recent Comments