Leading cryptocurrencies pulled back, while stocks extended their rally on Tuesday as traders priced in little to no possibility of rate cuts.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:10 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.48% | $73,996.91 |
| Ethereum (CRYPTO: ETH) | -0.82% | $2,329.69 |
| XRP (CRYPTO: XRP) | -1.74% | $1.51 |
| Solana (CRYPTO: SOL) | -0.56% | $94.71 |
| Dogecoin (CRYPTO: DOGE) | -2.50% | $0.1004 |
Crypto Rally Halts
Bitcoin cooled down after Monday’s spike, retreating to the $73,000 region, while trading volume fell 20% over the last 24 hours.
Ethereum‘s rally also halted, as the second-largest cryptocurrency wobbled in the $2,300 region. XRP and Dogecoin also faced a correction.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed up 1.87% and 3.40%, respectively.
Over $200 million was liquidated from the cryptocurrency market over the past 24 hours, hitting long positions hardest, according to Coinglass data.
Open interest in Bitcoin futures fell 3.94% in the last 24 hours. More than half of Binance’s retail derivatives traders positioned short on Bitcoin, contrasting with the majority of whale traders who favored the longs.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:10 p.m. ET) |
| siren (SIREN) | +44.04% | $0.7463 |
| Zano (ZANO) | +15.65% | $6.89 |
| MemeCore (M) | +15.55% | $1.93 |
The global cryptocurrency market capitalization stood at $2.57 trillion, following a jump of 4.48% over the last 24 hours.
Stocks Climb Higher Ahead Of Fed Decision
Stocks added to their gains on Tuesday. The Dow Jones Industrial Average lifted 46.85 points, or 0.1%, to end at 46,993.26. The S&P 500 rose 0.25% to 6,716.09, while the tech-heavy Nasdaq Composite spiked 0.47% to close at 22,479.53.
West Texas Intermediate crude prices traded around $95 per barrel, while Brent crude hit $103 per barrel, as several NATO allies declined Trump's invitation to join military operations to secure the Strait of Hormuz.
In other news, the Federal Reserve’s policy decision on rate cuts arrives Wednesday, with traders overwhelmingly betting against any changes, according to the CME FedWatch tool.
Path To Upside Volatility Open, Says Analyst
Leading cryptocurrency analyst and trader Ali Martinez stated that for Bitcoin's bullish momentum to sustain, it must hold $73,344 as support.
They projected $79,234 and $85,555 as targets, adding that the "path to upside volatility is now open."
On-chain analytics firm CryptoQuant noted perpetual futures traders turning bullish ahead of the Fed decision
"Short traders were liquidated as Bitcoin rallied above $70,000, and new long positions were opened above $73,000, indicating traders are positioning for further short-term upside," CryptoQuant added.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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