Leading cryptocurrencies fell sharply overnight on Sunday as investors awaited upcoming inflation reports for clues on the future path of monetary policy.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.80% | $74,938.37 |
| Ethereum (CRYPTO: ETH) |
-4.20% | $2,131.08 |
| XRP (CRYPTO: XRP) | -4.00% | $1.11 |
| Solana (CRYPTO: SOL) | -2.50% | $87.14 |
| Dogecoin (CRYPTO: DOGE) | -2.90% | $0.06923 |
Crypto Fails to Excite
Bitcoin slipped below $74,000 late in the evening before recovering to the high $74,000s. Ethereum wiggled in the high $2,000s, while XRP and Dogecoin also declined sharply.
About $1 billion was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.
Bitcoin’s open interest dipped 0.75% over the last 24 hours. Smart money sentiment, the collective outlook and capital allocation of institutional investors, turned “extremely bullish.”
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:20 p.m. ET) |
| Pepe (PEPE) | +4.70% | $0.00000505 |
| Arbitrum (ARB) | +1.50% | $0.1703 |
| PAX Gold (PAXG) | +0.80% | $4.094.24 |
The global cryptocurrency market capitalization stood at $2.559 trillion, down 2.80% over the last 24 hours.
The Week Ahead
Stock futures traded mixed on Sunday evening. The Dow Jones Industrial Average Futures jumped 182 points, or 0.36%, as of 7:51 p.m. EDT. Futures tied to the S&P 500 added 0.08%, while Nasdaq 100 Futures slipped 0.17%.
This week, all eyes will be on Tuesday’s consumer price index report and Friday’s producer price index reports, as investors look for fresh clues on the Federal Reserve’s next move.
The CME FedWatch tool showed a 78.5% probability of a rate increase at the Fed’s last meeting of the year.
Bitcoin Gearing for a Rebound?
Ali Martinez, a widely followed cryptocurrency analyst and trader, posts a Bitcoin daily chart showing the price holding the 200-day simple moving average near $73,000-$74,000.
The post frames the level as potentially the “last chance to buy the Bitcoin dip” before the rebound begins.
Michaël van de Poppe, another well-known cryptocurrency commentator, identified $75,000 as critical Bitcoin support, warning that a breakdown risks a sharp decline with cascading liquidations in leveraged positions.
“If BTC doesn’t hold the $75,000 sweep, not much will stop it from dropping sharply,” the analyst cautioned. “That’s why this is a pivotal area, and that’s why it’s easy to define risk.”
Image via Shutterstock
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