Leading cryptocurrencies held steady Sunday evening as investors weighed the fallout from the Binance hack and looked ahead to the midterm elections.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:19 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.00% | $78,394.33 |
| Ethereum (CRYPTO: ETH) |
+0.90% | $2,286.41 |
| XRP (CRYPTO: XRP) | +0.10% | $1.26 |
| Solana (CRYPTO: SOL) | -0.70% | $95.00 |
| Dogecoin (CRYPTO: DOGE) | +0.10% | $0.0758 |
Aftermath of the Binance Hack
Bitcoin traded in a tight range between $77,600 and $78,500, as the market attempts to recover after the massive $6.3 billion Binance hack.
Ethereum remained stuck in the $2,000 region, while XRP and Dogecoin held steady.
Over $130 million was liquidated from the cryptocurrency market in the last 24 hours, with $74 million in bullish long positions erased, according to Coinglass data.
Bitcoin’s open interest rose 0.65% over the last 24 hours. Smart money sentiment, the collective outlook and capital allocation of institutional investors, turned “extremely bearish.”
Meanwhile, retail and whale derivatives traders on Binance remained net long on BTC.
“Fear” sentiment prevailed, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:19 p.m. ET) |
| Pearl (PEARL) | +4.50% | $1.52 |
| OKB (OKB) | +2.90% | $113.76 |
| Midnight (NIGHT) | +2.80% | $0.04195 |
The global cryptocurrency market capitalization stood at $2.693 trillion, down 0.50% over the last 24 hours.
Stocks Futures Gain Ahead of Election Week
Stock futures ticked higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 156 points, or 0.30%, as of 7:45 p.m. ET. S&P 500 futures gained 0.35%, while Nasdaq 100 Futures added 0.54%.
Midterm elections are scheduled for Tuesday to decide who keeps control of Congress.
Investors are also looking ahead to October’s nonfarm payrolls report, set for release on Friday, for insights into the state of the economy and clues about the path of monetary policy.
Will History Repeat?
Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted a pattern of “major” Bitcoin declines after the last 4 midterm elections.
Following the 2010, 2014, 2018, and 2022 elections, Bitcoin fell 72%, 65%, 52%, and 27%, respectively.
“And if history repeats itself, BTC could be heading to another significant correction,” Martinez added.
Michaël van de Poppe, another popular cryptocurrency analyst and trader, held a different opinion.
“I believe that the midterms are already priced into the markets and are going to be a non-event,” Van De Poppe said.
The analyst added that Bitcoin is “at the end stage of the correction,” with a possible final low sweep, followed by a rally into year-end.
Photo: KateStock / Shutterstock
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