Leading cryptocurrencies retreated late Tuesday evening as investors awaited the outcome of the midterm elections.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:00 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.50% | $77,190.21 |
| Ethereum (CRYPTO: ETH) |
+0.90% | $2,273.23 |
| XRP (CRYPTO: XRP) | +0.90% | $1.26 |
| Solana (CRYPTO: SOL) | +0.50% | $92.37 |
| Dogecoin (CRYPTO: DOGE) | +0.50% | $0.0746 |
Crypto Market on Election Day
Bitcoin climbed to an intraday high of $77,965.50 before pulling back later in the evening. Ethereum also gave up earlier gains with a sharp overnight decline.
Investors are watching Tuesday’s midterm elections, which will shape the balance of power in the House and Senate beginning in January. Polls are beginning to close across several states, reported the Associated Press.
Cryptocurrency-related stocks gained during the regular session, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 3.72% and 5.07%, respectively.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, mostly from leveraged long positions, according to Coinglass data.
Bitcoin’s open interest fell 3.89% over the last 24 hours. The Long/Short ratio fell below 1, indicating dominance of bearish traders.
“Fear” sentiment dominated the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:00 p.m. ET) |
| Lighter (LIT) | +8.10% | $3.35 |
| LayerZero (ZRO) | +7.70% | $1.86 |
| Pump.fun (PUMP) | +7.40% | $0.004288 |
The global cryptocurrency market capitalization stood at $2.694 trillion, up 0.50% over the last 24 hours.
S&P 500, Nasdaq Rise
The Dow Jones Industrial Average fell 197.26 points, or 0.38%, to close at 51,786.72. The S&P 500 rose 0.36% to 7,568.92, snapping a three-day losing run, and the Nasdaq Composite gained 0.83% to end the session at 25,372.01.
When Will Bitcoin’s Correction End?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, anticipated a “sell the rumor, buy the news” reaction following the midterm elections, but acknowledged that Bitcoin is still not out of the woods.
“Clearly breaking through the resistance at $79,000 would be giving me confidence that the correction is over,” the analyst added. “Things take time. Just accumulate.”
Ali Martinez, another prominent cryptocurrency chartist, spotted a TD Sequential “Buy” signal on Ethereum’s 3-day chart, indicating that the “correction could be nearing its end.”
“If buying pressure picks up, ETH could rebound to $2,500. Breaking that level would put the setup resistance trendline near $2,700 in focus,” the analyst projected.
Photo Courtesy: KateStock on Shutterstock.com
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