Leading cryptocurrencies lacked momentum on Monday as traders balanced geopolitical risk from Iran against selling pressure from large corporate <a href="https://cryptoz7.com/the-end-of-bitcoin-halving-cycles-how-institutions-changed-crypto-markets/” title=”The End of Bitcoin Halving Cycles? How Institutions Changed Crypto Markets”>Bitcoin treasuries.
What’s Impacting Crypto Market?
Bitcoin jumped to an intraday high of $64,020 late afternoon before pulling back to around $62,000, while Ethereumremained stuck in the $1,800 region.
Meanwhile, cryptocurrency-related stocks rose, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 1.69% and 0.81%, respectively. Strategy disclosed sales of $105 million worth of Bitcoin.
Over $240 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more vis-à-vis long position traders, accordingto Coinglass data.
Bitcoin’s open interest rose 1.93% over the last 24 hours. An increase in open interest alongside an increase in price indicates long buildup, meaning new buyers are entering the market.
Cryptocurrency (Market Cap>$100 M) | Price (Recorded at 9:20 p.m. EDT) | |
The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.
Stocks Enter Record Territory
Markets opened the fresh trading week on a high note. The Dow Jones Industrial Averagejumped 693.38 points, or 1.32%, to end at a record close of 53,178.41. The S&P 500 rallied 1.48% to end at 7,600.50, while the tech-heavy Nasdaq Composite climbed 2.13% to settle at 25,913.90.
President Donald Trumpcalled off a planned strike on Iran during the weekend to resume negotiations, but Tehran later denied that direct talks with Washington were underway.
Trump accused Iranian negotiators of being “unbelievably duplicitous” in a Truth Social post and warned them that only two options remain at the table: “Deal” or “Total Surrender.”
Still No BTC Bottom?
On-chain analytics firm CryptoQuant noted that Bitcoin’s Adaptive Sell-side Risk Ratio—an indicator that quantifies overall selling pressure—has declined to levels historically associated with accumulation phases.
