Leading cryptocurrencies rose on Tuesday as falling crude oil prices and lower Treasury yields boosted risk appetite.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:19 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $82,749.29 |
| Ethereum (CRYPTO: ETH) |
+1.90% | $2,433.33 |
| XRP (CRYPTO: XRP) | +2.60% | $1.33 |
| Solana (CRYPTO: SOL) | +1.60% | $106.30 |
| Dogecoin (CRYPTO: DOGE) | +3.00% | $0.08176 |
Crypto Market in the Green
Bitcoin moved between $81,272 and $83,249, while Ethereum spiked to an intraday high of $2,471 before consolidating.
Ethereum remained volatile around the $1,700 mark, as buying and selling pressure from bulls and bears created significant swings.
Cryptocurrency-related stocks also lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.93% and 5.80%, respectively.
Strategy Executive Chairman Michael Saylor said Bitcoin has entered a new four-year bull market, predicting that the asset could return to $100,000 within 12 months.
Over $270 million was liquidated from the cryptocurrency market in the last 24 hours, with $193 million in bullish long positions alone wiped out, according to Coinglass data.
Bitcoin’s open interest spiked 2.12% over the last 24 hours. Interestingly, Binance retail and whale derivatives traders reduced their long exposure to the apex cryptocurrency.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:19 p.m. EDT) |
| Zcash (ZEC) | +12.60% | $1,267.01 |
| Aerdrome Finance (AERO) | +11.30% | $0.8701 |
| Worldcoin (WLD) | +11.10% | $0.5849 |
Stock Market Gains
Major indexes rallied on Tuesday. The Dow Jones Industrial Average jumped 529.85 points, or 1.02%, to end at 52,495.88. The S&P 500 gained 0.28% to close at 7,712.57. The Nasdaq Composite, however, closed down 0.02% at 26,424.82.
The United States Oil Fund (NYSE: USO), which tracks WTI crude oil, fell 0.12% to $160.61 after an unverified report suggested Qatar and Pakistan proposed reviving negotiations to end the conflict with Iran.
Yields on the 30-year Treasury Bond fell to 5.408% before rebounding to 5.44%.
Bitcoin Headed Lower?
Rekt Capital, a widely followed cryptocurrency analyst, noted that Bitcoin’s weekly close below $82,200 now sets up a “post-breakdown bearish retest.”
“If Bitcoin turns ~$82,200 into new resistance, price would drop lower within the current Weekly Range,” the analyst added. “At the moment, Bitcoin is indeed bearish, retesting $82200 into new resistance.”
On-chain analytics firm CryptoQuant pointed to an “interesting divergence” between whales and the spot market, with large BTC holders moving from distribution back toward accumulation while spot demand remained “weak.”
“The market is progressing from ‘fewer sellers’ toward a possible bottom, but a sustained rally still needs stronger spot demand,” the analytics firm stated.
Photo Courtesy: KateStock on Shutterstock.com
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