Leading cryptocurrencies fell alongside stock futures on Sunday evening as investors weighed U.S.-Iran diplomatic efforts to reach a peace agreement.
Crypto MarketLags
Bitcoinspiked to $65,400 late evening, only to sharply retreat below $65,000, while trading volume jumped 11% over the last 24 hours.
Ethereumfollowed a similar trajectory, rallying to an intraday high of $1,935.53, but failing to push beyond that level. XRPand Dogecointraded lower.
Senate Majority Leader John Thune filed to advance the CLARITY Act, setting up a key vote for the cryptocurrency legislation when the Senate returns from its August recess in September.
Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $113 million in bearish short positions erased, accordingto Coinglass data
Bitcoin’s open interest rose 0.53% over the last 24 hours. Meanwhile, retail and whale derivatives traders on Binance remained net long on the apex cryptocurrency
“Fear” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.21 trillion, following a 0.10% dip over the last 24 hours.
Stocks Futures Slip
Stock futures ticked lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 86 points, or 0.16%, as of 9:06 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures lost 0.05%.
Iran said a deal on the Strait of Hormuz was in its “final stages,” but Tehran reiterated that the critical shipping would not reopen unless the U.S. honors the June interim deal.
President Donald Trump said earlier on Sunday that the U.S. is “only semi-negotiating” with Iran.
BTC’s Critical Level
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, identified $65,800 as a “critical level,” a breakout above which could spark a “volatile move” upward, targeting $73,700 initially and $82,900 as a higher objective.
Ardi, another chartist and cryptocurrency trader, projected Bitcoin’s next cycle peak between $184,000 and $230,000, if $57,000 holds as the cycle floor
“If Bitcoin’s diminishing-return structure remains intact, this is where the next bull market would most logically reach its peak,” the trader added.
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