Leading cryptocurrencies slid alongside stock futures on Sunday evening after the peace talks between the U.S. and Iran collapsed.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.67% | $71,134.24 |
| Ethereum (CRYPTO: ETH) |
-3.53% | $2,204.32 |
| XRP (CRYPTO: XRP) | -1.89% | $1.32 |
| Solana (CRYPTO: SOL) | -3.31% | $82.08 |
| Dogecoin (CRYPTO: DOGE) | -1.97% | $0.09136 |
Crypto Market Bleeds
Bitcoin slid below $71,000, accompanied by a 33% jump in 24-hour trading volume. Ethereum also encountered selling pressure, sliding below $2,200, while XRP and Dogecoin traded in the red.
Over $280 million was liquidated in the past 24 hours, predominantly bullish long positions, according to Coinglass data.
Open interest in Bitcoin futures fell 5.76% in the last 24 hours. However, retail and whale derivatives traders on Binance continued to be long BTC as of this writing.
“Extreme Fear” sentiment dominated the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$1 B) | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| RaveDAO (RAVE) | +186.34% | $6.04 |
| MemeCore (M) | +4.25% | $2.86 |
| BUILDon (B) | +1.75% | $0.007961 |
The global cryptocurrency market capitalization stood at $2.42 trillion, following a decrease of 2.55% from the previous day.
Stock Futures Dip As Peace Talks Collapse
Stock futures fell sharply Sunday evening. The Dow Jones Industrial Average Futures lost 465 points, or 0.97%, as of 8:35 p.m. EDT. Futures tied to the S&P 500 declined 0.94%, while Nasdaq 100 Futures slid 1.06%.
Trump said the U.S. will move to block ship traffic tied to Iran in and out of the Strait of Hormuz after the peace talks over the weekend ended without an agreement.
Oil prices jumped sharply, with West Texas Intermediate crude futures climbing 8.63% to trade at $104 per barrel. Meanwhile, spot gold slid 1.23% to $4,689 per ounce.
Tough Road Ahead For Crypto?
Widely followed cryptocurrency analyst Michael Van De Poppe said that Trump’s announcement intensified market volatility across high-risk assets.
“Volatility remains high and it’s clear that there won’t be a path forward where risk-on assets will do well if this continues to be the consensus,” they added.
Van De Poppe anticipated a weak economy will compel the Federal Reserve to restart money printing despite inflation pressures.
Ali Martinez, another prominent cryptocurrency commentator, identified $47,960 as Bitcoin’s “absolute price floor,” citing the Cumulative Value Days Destroyed indicator.
This metric tracks the selling activity of long-term holders or “diamond hands,” including the volume of BTC moved and their average holding duration to identify potential price floors.
“If the macro environment deteriorates, this is the level where I expect a violent reversal to the upside,” Martinez projected.
Photo: Memory Stockphoto / Shutterstock
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