Leading cryptocurrencies traded flat, while stocks added to their gains on Tuesday as President Donald Trump hinted at a second round of peace talks with Iran.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.68% | $74,755.82 |
| Ethereum (CRYPTO: ETH) |
-1.03% | $2,339.24 |
| XRP (CRYPTO: XRP) | -0.11% | $1.36 |
| Solana (CRYPTO: SOL) | -2.59% | $83.72 |
| Dogecoin (CRYPTO: DOGE) | +0.24% | $0.09344 |
Cryptos Pare Gains
Bitcoin rallied to $76,060, its highest in more than two months. Similarly, Ethereum spiked to $2,415, revising levels last seen in early February. Late in the session, however, both coins erased their earlier advances.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed up 3.82% and 5.69%, respectively.
Nearly $440 million was liquidated in the past 24 hours, with $240 million in bearish short bets evaporated, according to Coinglass data.
Open interest in Bitcoin futures rose 1.62% in the last 24 hours to $56.94 billion. Since the beginning of the month, the open interest has surged 14%.
However, the majority of retail and whale derivatives traders on Binance were betting on BTC’s price decline, according to the Long/Short ratio.
“Extreme Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
| Enjin Coin (ENJ) | +32.34% | $0.05914 |
| Genius Terminal (GENIUS) | +14.60% | $0.6488 |
| edgeX (EDGE) | +11.68% | $0.9946 |
The global cryptocurrency market capitalization stood at $2.52 trillion, following a modest 0.39% increase from the previous day.
Stocks Rally Amid De-escalation Optimism
Stocks extended their gains on Tuesday. The Dow Jones Industrial Average jumped 317.74 points, or 0.66%, to close at 48,535.99. The S&P 500 rallied 1.02% to end at 6,886.24, while the tech-heavy Nasdaq Composite lifted 1.96% to end at 23,639.08.
Trump fueled de-escalation hopes by saying Iran talks “could be happening over the next two days” in Pakistan.
Oil prices continued to tumble, with West Texas Intermediate crude futures falling below $91. Spot gold traded steady at $4,835 per ounce.
Ethereum’s Next Leg Up
Widely followed cryptocurrency analyst and trader Ali Martinez said Ethereum is ready for a bull run as it tests the upper resistance of an ascending triangle near $2,480.
“I’m looking for a daily close above $2,480. This could invalidate the bearish signal and confirm the triangle breakout, opening the door for a rally toward $2,900,” Martinez added. “This is the definitive line in the sand for the next leg up.”
Meanwhile, blockchain analytics firm Santiment reported that small retail traders were selling their ETH “aggressively,” interpreting the 17% spike since March 29 as a “bull trap.”
Santiment positioned that increased retail dumping “should be taken as a bullish signal.”
Photo Courtesy: KateStock on Shutterstock.com
Recent Comments