Leading cryptocurrencies remained lukewarm on Monday as investors weighed Federal Reserve Chair Kevin Warsh’s latest remarks and the odds of a rate hike.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 10:16 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.70% | $81,594.62 |
| Ethereum (CRYPTO: ETH) |
-0.70% | $2,390.86 |
| XRP (CRYPTO: XRP) | -0.40% | $1.30 |
| Solana (CRYPTO: SOL) | +0.40% | $104.53 |
| Dogecoin (CRYPTO: DOGE) | -0.20% | $0.07918 |
Crypto Market Wobbles
Bitcoin climbed above $83,000 before steadily declining to the $81,000 area. Ethereum meandered in the range between $2,374 and $2,443, while XRP and Dogecoin traded in the red.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 0.59% and 0.37%, respectively.
More than $180 million in cryptocurrency positions were liquidated over the past 24 hours, including roughly $100 million in bullish long positions, according to Coinglass data.
Bitcoin’s open interest dipped 0.05% over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bearish.”
“Greed” remained the dominant sentiment in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:16 p.m. EDT) |
| Worldcoin (WLD) | +9.90% | $0.5351 |
| Venice Token (VVV) | +7.80% | $24.62 |
| Arbitrum (ARB) | +6.80% | $0.20 |
The Stock Market Report
The stock market had a mixed session on Monday. The Dow Jones Industrial Average fell 36.38 points, or 0.07%, to end the day at 51,966.03. The S&P 500, in contrast, rose 0.41% to close at 7,690.73, while the tech-focused Nasdaq Composite added 1.11% to end at 26,430.89.
Fed Chair Warsh refused to preview next week’s decision on interest rates, saying recent hot inflation readings have left his view of the economy unchanged.
Market participants, meanwhile, price in an 82% chance of a rate hold, according to the CME FedWatch tool.
‘Strong Bullish Setup’
Blockchain analytics firm Santiment reported that the total Bitcoin held by addresses in the 10–10,000 BTC cohort has reached its highest point in six months.
“That creates a strong bullish setup if the trend continues,” Santiment added. “This cohort has historically aligned closely with Bitcoin’s major price trends, making its behavior especially useful to watch.”
Glassnode, another popular on-chain analytics firm, highlighted that short-term Bitcoin holders in profit recently sent the largest share of coins to exchanges in a year, creating selling pressure that weighed on price after BTC broke $85,000.
Photo Courtesy: Phongphan via Shutterstock.com
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