Leading cryptocurrencies rose overnight on Sunday while stock futures dipped as President Donald Trump’s warning to Iran put investors on edge.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.52% | $68,843.45 |
| Ethereum (CRYPTO: ETH) |
+2.68% | $2,114.41 |
| XRP (CRYPTO: XRP) | +1.12% | $1.32 |
| Solana (CRYPTO: SOL) | +1.59% | $81.97 |
| Dogecoin (CRYPTO: DOGE) | +0.60% | $0.092 |
Institutional Buying Boosts ETH
Bitcoin spiked to $69,500 late in the evening, while trading volume jumped 62% over the last 24 hours. Ethereum rallied to $2,130, as Bitcoin’s rise sparked broader market buying. XRP and Dogecoin also traded in the green.
Over $250 million were liquidated in the past 24 hours, predominantly bearish short positions, according to Coinglass data.
Open interest in Bitcoin futures rose 3.62% in the last 24 hours. Meanwhile, sentiment for the apex cryptocurrency among Binance’s retail derivatives users stayed “Neutral.”
“Extreme Fear” sentiment, however, persisted in the market, according to the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.36 trillion, following an increase of 1.95% from the previous day.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
| siren (SIREN) | +16.72% | $0.5466 |
| DoubleZero (2Z) | +10.48% | $0.08702 |
| BUILDon (B) | +7.42% | $0.1852 |
Stock Futures Dip After Trump’s Warning
Stock futures edged lower on Sunday evening. The Dow Jones Industrial Average Futures fell 178 points, or 0.38%, as of 8:37 p.m. EDT. Futures tied to the S&P 500 dipped 0.26%, while Nasdaq 100 Futures lost 0.11%.
In an expletive-filled Truth Social message, Trump threatened to blow up Iran’s energy and civilian infrastructure if it did not open the Strait of Hormuz before the Tuesday deadline.
Oil prices spiked, the West Texas Intermediate crude futures trading 0.63% higher at $112 per barrel.
Is It Wise To Buy Bitcoin?
Widely followed cryptocurrency analyst Willy Woo advised against buying Bitcoin now because its price is far below the price at which new investors entered the market.
“Given price is not even close to the cost basis of recent investors, and that cost basis is dropping each day… there’s no point in buying until a cross becomes imminent,” Woo said. “Bear markets are about patience.”
Woo said that Bitcoin bottoms happen after price “cleanly” breaks the cost basis of recent investors.
Michael Van De Poppe, another prominent cryptocurrency commentator, had noted “extremely low” volatility for Bitcoin earlier in the day, anticipating a probable downside liquidity grab followed by “fast upward recovery” by next week.
“Given the context of the entire geopolitical situation, I wouldn’t assume that we’re going down much,” the analyst said.
Photo: Memory Stockphoto / Shutterstock
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