Leading cryptocurrencies plunged on Monday as geopolitical uncertainty and upcoming inflation data kept investors on edge.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:14 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.60% | $81,747.83 |
| Ethereum (CRYPTO: ETH) |
-4.30% | $2,434.71 |
| XRP (CRYPTO: XRP) | -5.20% | $1.33 |
| Solana (CRYPTO: SOL) | -7.0% | $103.82 |
| Dogecoin (CRYPTO: DOGE) | -5.90% | $0.0817 |
Crypto Market Plunges
Bitcoin nearly slipped below the $81,000 mark before staging a late-evening rebound. Ethereum dipped to the $2,400 level and is now down nearly 10% over the last week. XRP and Dogecoin also recorded steep drops.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 1.08% and 0.83%, respectively.
More than $775 million in cryptocurrency positions were liquidated over the past 24 hours, including $493 million in just the last four hours, according to Coinglass data. Long position traders bore the brunt of the losses.
Bitcoin’s open interest slipped 1.64% over the last 24 hours. Retail and whale derivatives traders on Binance, meanwhile, flipped “Bullish” on BTC, increasing their long exposure.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:14 p.m. EDT) |
| Beldex (BDX) | +12.90% | $0.09107 |
| Bitway (BTW) | +9.40% | $1.80 |
| Render (RENDER) | +4.70% | $2.08 |
Dow Rallies, S&P Near Flatline
Stocks had a mixed day on Monday. The Dow Jones Industrial Average rose 195.60 points, or 0.38%, to close at 51,850.55. The S&P 500, in contrast, fell 0.06% to end at 7,807.24, while the tech-heavy Nasdaq Composite shed 0.44% to close at 27,245.90.
Russian strikes on Ukrainian energy facilities continued even after President Donald Trump announced an “energy ceasefire” between the two countries.
The United States Oil Fund (NYSE:USO), which tracks WTI crude oil, sharply rebounded, closing up 1.91% at $151.03 on Monday.
‘Pullback Isn’t the End of Anything’
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that whales have increased accumulation as Bitcoin fell from $87,000 toward $80,000. However, they believe the asset still needs to clear a key “hurdle” first.
“On-chain data shows nearly 800,000 BTC were previously traded around $84,569. A break above this supply zone would strengthen the case for a move higher,” the analyst predicted.
Technical analyst Kevin said that a year-end pullback was inevitable, although their “plan” remains unchanged: $77,000-$83,000 keeps $93,000-$100,000 in play, while a close below $77,000 opens $67,000-$76,000
“CPI Wednesday is the catalyst. A pullback isn’t the end of anything. It’s the next opportunity for the sidelined and should result in a higher low,” Kevin added.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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