Leading cryptocurrencies traded sideways on Tuesday, while stocks declined as the war in Iran dragged on despite President Donald Trump signaling a potential ceasefire.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.10% | $70,658.19 |
| Ethereum (CRYPTO: ETH) |
+0.75% | $2,158.95 |
| XRP (CRYPTO: XRP) | -0.21% | $1.41 |
| Solana (CRYPTO: SOL) | +0.27% | $91.16 |
| Dogecoin (CRYPTO: DOGE) | +1.56% | $0.09487 |
Cryptos Take A Breather
Bitcoin’s trading activity slowed as the price fluctuated between $69,000 and the low $71,000 range. Ethereum faced rejection at $2,200 and pulled back toward the $2,100 level, while Dogecoin saw gains of nearly 1.6%.
Shares of Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed down 1.41% and 2.21%, respectively.
Over $234 million in crypto positions were liquidated in the past 24 hours, with losses almost evenly divided between long and short traders, according to Coinglass data.
Open interest in Bitcoin futures increased 2.91% in the last 24 hours. Meanwhile, “Extreme Fear” sentiment continued to dominate the market, 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) |
| Templar (SN3) | +21.35% | $32.26 |
| Undeads Games (UDS) | +18.36% | $6.65 |
| Bittensor (TAO) | +12.75% | $337.83 |
The global cryptocurrency market capitalization stood at $2.43 trillion, following a modest increase of 0.16% from the previous day.
Stocks Pull Back Amid Negotiation Hints
Stocks retraced on Tuesday. The Dow Jones Industrial Average fell 84.41 points, or 0.18%, to end at 46,124.06. The S&P 500 slid 0.37% to close at 6,556.37, while the tech-heavy Nasdaq Composite declined 0.84% to settle at 21,761.89.
Trump told reporters at the White House that the U.S. is in negotiations “right now” with Iran, even as hostilities intensified amid claims by Iraqi Kurdish officials that Iran fired ballistic missiles into the region.
Iranian authorities earlier rejected claims of active negotiations, calling them “fake news” intended to manipulate market sentiment.
Crude prices dropped further, as West Texas Intermediate futures slid nearly 6% to $86.84 a barrel.
Will Bitcoin Hit $80,000?
Michaël van de Poppe, a widely followed cryptocurrency analyst, noted consistently higher lows for Bitcoin since its early February crash, from around $60,000 to $68,000,
“It doesn’t say that we’re out of the woods entirely, as those higher lows trigger a lot of liquidity if the markets get there,” Van De Poppe stated. “However, overall, as long as we hold these levels, I think that we’re able to reach $77,000-$80,000.”
On-chain analytics firm Santiment revealed Bitcoin whale transfers hitting multi-year lows last week amid war triggers a lack of regulatory clarity.
“Note that this has little to do with bullish or bearish indication of what’s to come. What it does signal is that smart money is in the same boat as smaller retail holders at the moment, and have been reluctant to make moves,” the firm added.
Photo: KateStock / Shutterstock
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