Major cryptocurrencies sharply reversed direction on Monday, reflecting declines in stock prices as the 'Uptober' rally stalled.
| cryptocurrency | Gain +/- | Prices (recorded at 8:45 p.m. EDT) |
| Bitcoin BTC/USD | -3.28% | $66,950.69 |
| Ethereum ETH/USD |
-4.26% | $2,631.99 |
| dogecoin doge/usd | -2.13% | $0.1421 |
what happened: Bitcoin The price went downhill during the day, dropping to an intraday low of $66,580. This retracement occurred just one day after the major cryptocurrency surpassed $69,000 for the first time since early June.
Ethereum The decline became even steeper, returning to the $2,600 zone. On Sunday, the second-largest cryptocurrency hit its highest level since the first week of August.
In the past 24 hours, the total amount of crypto liquidations surged to $204 million, with over $174 million of longs extinguished.
Bitcoin open interest has fallen by 2% in the past 24 hours, and Ethereum's speculative market has shrunk by 3.75%.
This pullback sparked bearish sentiment as the number of traders shorting Bitcoin increased compared to the number of traders leveraging Bitcoin bullishly, according to the long/short ratio.
That said, market sentiment is still in the “greed” zone as of this writing, according to the Crypto Fear and Greed Index.
Top Gainers (24 hours)
| cryptocurrency | Gain +/- | Prices (recorded at 8:45 p.m. EDT) |
| ape coin (Ape) | +8.46% | $1.55 |
| cosmos (atom) | +2.81% | $4.83 |
| cat in dog world (Mew) | +1.93% | $0.009029 |
Global cryptocurrencies reached $2.33 trillion, shrinking by 2.14% in the past 24 hours.
Stock prices on Monday gave up their gains from last week and fell back. of Dow Jones Industrial Average It fell 344.31 points (0.80%) to end at 42,931.60. of S&P500 It fell 0.18% to 5,853.98. The Nasdaq Composite Index, which has a high proportion of high-tech stocks, defied the slump and rose 0.27% to 18,540.01.
It was a retrace after Friday's record closes for both the Dow and S&P 500, snapping Wall Street's sixth straight week of gains.
Investors were looking forward to upcoming third-quarter earnings results from premium tech companies, including: tesla company TSLA and Amazon.com Inc. AMZN To lead the market.
See more: best cryptocurrency scanner
Analyst notes: A widely-followed cryptocurrency analyst who operates under a pseudonym Emperor, He advised his followers not to hesitate to buy Bitcoin's dip between $62,000 and $63,000.
He added that the $66,000 to $66,500 range could be a good support range, and short sellers could book profits at this level.
“My target of $69,000 has already been achieved and I would like to extend the decline again,” the analyst said.
Another well-known cryptocurrency market observer said: Michael van de Poppe, He noted that whale activity is high even as Bitcoin nears all-time highs.
“In short, this is a great sign for Bitcoin, but a scary sign for the global economy,” Van de Poppe said.
Image via Shutterstock
Read next:
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
