Leading cryptocurrencies fell sharply on Monday as investors weighed developments around the Clarity Act and a pause in U.S.–Iran hostilities.
Crypto Market Tumbles
Bitcoin nearly dived below $63,000 in a sharp evening sell-off, while Ethereum fell to $1,860 as 24-hour trading volume more than doubled.
Over $670 million was liquidated from the cryptocurrency market in the last 24 hours, with $533 million in bullish long positions wiped out, according to Coinglass data
Bitcoin’s open interest fell nearly 2% over the last 24 hours. That said, derivatives traders on Binance stayed net-bullish on the apex cryptocurrency.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Earlier, cryptocurrency-related stocks rallied, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 7.61% and 13.49%, as investor hopes mounted for passage of the Clarity Act.
SEC Chair Paul Atkins said in a CNBC interview that he’s “optimistic” that Congress will pass the key cryptocurrency market legislation.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:15 p.m. EDT) |
|
AKEDO (AKE) |
+41.01% |
$0.004433 |
|
Tagger (TAG) |
+21.11% |
$0.001347 |
|
SOON (SOON) |
+18.41% |
$0.2303 |
The global cryptocurrency market capitalization stood at $2.23 trillion, following an increase of 1.19% over the last 24 hours.
Read Also:MSTR Target Price Remains $570, Benchmark Equity Research Writes: Why So Bullish?
Dow Rallies, Nasdaq Dips
Major indexes closed in the green on Monday. The Dow Jones Industrial Average rallied 262.83 points, or 0.51%, to end at 52,210.08. The S&P 500 eked out a narrow gain of 0.02% to close at 7,413.18. The tech-heavy Nasdaq Composite, meanwhile, slid 0.18% and settled at 24,932.08.
Hostilities between the U.S. and Iran remained paused after nearly two weeks of nightly military exchanges. Mike Waltz, U.S. Ambassador to the UN, said negotiations are ongoing at both technical and senior levels, but stressed that the U.S. military remains “locked and loaded.”
Big Move Around the Corner?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin’s 3-day Bollinger Bands tightening around the $65,000 level.