Leading cryptocurrencies lifted alongside stocks on Monday after President Donald Trump said that the U.S. campaign against Iran could be nearing its end.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +3.70% | $68,973.71 |
| Ethereum (CRYPTO: ETH) |
+3.05% | $2,012.41 |
| XRP (CRYPTO: XRP) | +1.55% | $1.36 |
| Solana (CRYPTO: SOL) | +3.39% | $85.43 |
| Dogecoin (CRYPTO: DOGE) | +1.28% | $0.09104 |
Crypto Market Lifts
Bitcoin rose back above $69,000 as trading volume jumped 34% over the last 24 hours. Ethereum reclaimed $2,000, supported by strong buying pressure, while XRP and Dogecoin also edged higher.
Shares of cryptocurrency-linked companies also reversed, as Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closing up 4.06% and 1.31%, respectively.
Over $340 million was liquidated from the cryptocurrency market over the past 24 hours, with $184 million in bearish shorts erased, according to Coinglass data. Open interest in Bitcoin futures rose 3.11% in the last 24 hours to $44.91 billion
The market clung to “Extreme Fear” sentiment, according to the Crypto Fear & Greed Index here, despite the uptick.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
| pippin (PIPPIN) | +14.38% | $0.3833 |
| DeXe (DEXE) | +14.34% | $4.68 |
| Fabric Protocol (ROBO) | +12.12% | $0.04619 |
The global cryptocurrency market capitalization stood at $2.32 trillion, falling 1.01% over the last 24 hours.
Stocks Rally, Oil Tumbles
Stocks closed in the green on Monday. The Dow Jones Industrial Average added 239.25 points, or 0.5%, to end at 47,740.80. The S&P 500 rallied 0.83% to close at 6,795.99, while the tech-heavy Nasdaq Composite closed up 1.38% at 22,695.95.
West Texas Intermediate crude futures tumbled from $119 per barrel to $86 per barrel, erasing overnight gains, after Trump said that the war against Iran is “pretty much” completed and could end sooner-than-expected.
Despite the tensions, spot gold traded 2.54% down at $5,045 per ounce, while spot silver dipped 4.76% to $80.38 an ounce.
Is Bitcoin Correlated With Oil?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe noted Bitcoin’s rebound above $69,000, predicting a move toward range highs around $74,000 if oil prices keep declining.
On-chain analytics firm Santiment highlighted a short bias for Bitcoin, citing the negative funding rates on exchanges.
“Historically, extreme shorting increases the likelihood of cryptocurrencies bouncing due to potential short liquidations providing a boost whenever prices break through resistance levels,” Santiment added.
Photo: Memory Stockphoto / Shutterstock
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