Leading cryptocurrencies rallied alongside stocks on Monday after President Donald Trump claimed Iran was willing to make a deal.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +4.38% | $74,262.18 |
| Ethereum (CRYPTO: ETH) | +7.19% | $2,362.19 |
| XRP (CRYPTO: XRP) | +2.69% | $1.36 |
| Solana (CRYPTO: SOL) | +4.62% | $85.88 |
| Dogecoin (CRYPTO: DOGE) | +2.23% | $0.09335 |
Crypto Market Rebounds
Bitcoin staged a strong recovery after Sunday's sell-off, nearly rallying to $75,000. Trading volume jumped 80% over the last 24 hours.
Ethereum climbed to an intraday high of $2,368, supported by strong buying pressure, while XRP and Dogecoin also regained lost territory.
Shares of Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 2.89% and 1.08%, respectively.
Over $530 million was liquidated in the past 24 hours, with short position traders bearing the brunt of the losses, according to Coinglass data.
Open interest in Bitcoin futures spiked 8.66% in the last 24 hours. Interestingly, retail and whale derivatives traders on Binance turned “extremely bearish," increasing short bets on the apex cryptocurrency.
"Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| Genius Terminal (GENIUS) | +216.28% | $0.5501 |
| RaveDAO (RAVE) | +42.20% | $8.11 |
| Four (FORM) | +18.85% | $0.2649 |
The global cryptocurrency market capitalization stood at $2.52 trillion, following an increase of nearly 4% from the previous day.
Stocks Surge, Oil Prices Retrace
Stocks kicked off the fresh trading week on a strong note. The Dow Jones Industrial Average rallied 301.68 points, or 0.63%, to end at 48,218.25. The S&P 500 climbed 1.02% to end at 6,886.24, while the tech-focused Nasdaq Composite rallied 1.23% to settle at 23,183.74.
Trump told reporters at the White House that Iran wants to make a deal "very badly" and that the U.S. team was "called by the other side."
The remark comes a day after he said the U.S. will block ship traffic tied to Iran in and out of the Strait of Hormuz after peace talks between the two countries over the weekend ended without a deal.
Meanwhile, Iran’s Chief Justice Gholam Hossein Mohseni Ejei stated Tehran’s willingness to negotiate and agree, provided it aligns with "principles and logic," according to the government-affiliated Tasnim News Agency.
Oil prices cooled, with West Texas Intermediate crude futures retracing 2.36% to trade at $96 per barrel.
Drop In Selling Pressure?
Blockchain analytics firm CryptoQuant highlighted that Bitcoin inflows to Binance have dropped to a more than 6-year low, roughly three times lower than normal.
"Investors are not looking to move their BTC onto exchanges to sell. On the contrary, they appear to favor a holding strategy, which mechanically reduces short-term selling pressure," CryptoQuant added.
Echoing this trend, Santiment reported that whales with 1,000-10,000 BTC now control over 21.3% of the total Bitcoin supply, the most they’ve held in two months.
Photo Courtesy: Zakharchuk on Shutterstock.com
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