Major cryptocurrencies declined on Monday amid the fallout from the Binance hack and uncertainty ahead of the midterm elections.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:24 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.70% | $77,187.98 |
| Ethereum (CRYPTO: ETH) |
-0.90% | $2,259.40 |
| XRP (CRYPTO: XRP) | -0.10% | $1.25 |
| Solana (CRYPTO: SOL) | -2.40% | $92.46 |
| Dogecoin (CRYPTO: DOGE) | -1.60% | $0.07444 |
Crypto Market Stays in the Red
Bitcoin fell steadily through the day, touching an intraday low of $76,281 before recovering somewhat in the evening. Ethereum continued to trade in the tight range between $2,235 and $2,309.
Cryptocurrency-related stocks also fell, with Coinbase Global Inc. (NASDAQ:COIN) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 3.98% and 3.20%, respectively.
More than $370 million in cryptocurrency positions were liquidated over the past 24 hours, including roughly $300 million in bullish long positions, according to Coinglass.
Interestingly, Bitcoin’s open interest rose 2.22% over the last 24 hours. A falling price combined with rising open interest indicates a short build-up, meaning that short-sellers are initiating new positions.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:24 p.m. ET) |
| Rain (RAIN) | +13.20% | $0.006679 |
| Binance Life (BinanceLife) | +2.60% | $0.5359 |
| Tron (TRX) | +2.20% | $0.3199 |
Dow Gains, Tech Stocks Slide
The stock market had a mixed session on Monday. The Dow Jones Industrial Average rose 213.67 points, or 0.41%, to end at 51,983.98. The S&P 500, in contrast, slid 0.51% to close at 7,541.40, while the tech-heavy Nasdaq Composite fell 1.07% to end at 25,164.32,
Peace negotiations between the U.S. and Iran advanced. Vice President JD Vance reportedly sent a message to Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, aimed at restarting talks.
This helped bring oil prices down significantly. The United States Oil Fund (NYSE: USO), which tracks West Texas Intermediate crude oil, plunged 7.08% to close the session at $156.87.
Midterms Heavily Priced In?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, argued that midterm uncertainty is overblown, and Bitcoin’s correction is already “heavily” priced in.
“Even if the Democrats win, nothing big is likely going to happen; most likely there’s going to be more “calm,” and it’s actually bullish for the markets, just like every year after the midterms has been great,” the analyst stated.
He advised his followers to “buy the dip” and be “patient.”
On-chain analytics firm Santiment said the Binance hack “predictably” worsened cryptocurrency sentiment, with Bitcoin recording 0.69 bullish comments for every bearish comment and XRP at 0.61.
“If BTC and XRP sentiment stays below 1.0 while prices stop making new lows, keep an eye out for a likely eventual mid-term relief rally,” Santiment added. “Extreme fear alone does not mark the exact bottom, but fear plus price stabilization has often been a much stronger signal.”
Photo Courtesy: Phongphan via Shutterstock.com
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