Leading cryptocurrencies stagnated on Monday, while stocks rallied, as investors digested President Donald Trump’s latest statement on the Iran ceasefire.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.37% | $81,322.16 |
| Ethereum (CRYPTO: ETH) | -1.64% | $2,322.46 |
| XRP (CRYPTO: XRP) | +0.51% | $1.47 |
| Solana (CRYPTO: SOL) | +0.60% | $96.79 |
| Dogecoin (CRYPTO: DOGE) | -0.72% | $0.1106 |
Crypto Tokens Dip Overnight
Bitcoin dropped under $81,000 during evening hours, struggling against firm resistance at $82,000. Ethereum also slid below $2,300, while XRP and Dogecoin moved sideways.
Cryptocurrency-related stocks rose, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.45% and 3.83%, respectively.
Over $250 million was liquidated in the past 24 hours, predominantly in long positions, according to Coinglass data.
That said, roughly $330 million in Bitcoin shorts were at risk of liquidation if the apex cryptocurrency reclaimed $83,000.
Meanwhile, Bitcoin's retail and whale traders continued to bet on its price decline, placing more shorts than longs. Market sentiment remained "Neutral," 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) |
| BUILDon (B) | +52.91% | $0.6156 |
| Irys (IRYS) | +28.81% | $0.04832 |
| Humanity (H) | +27.59% | $0.2732 |
The global cryptocurrency market capitalization stood at $2.71 trillion, following a dip of 0.56% over the last 24 hours.
Stocks Rally Despite Trump’s Ceasefire Statement
Stocks went higher in record territory. The Dow Jones Industrial Average rallied 95.31 points, or 0.19%, to end at 49,704.47. The S&P 500 lifted 0.19% to close at 7,412.84, while the tech-heavy Nasdaq Composite gained 0.1% to end at 26,274.13, both finishing at record highs.
The rally came even as Trump told reporters that the Iran ceasefire is on "massive life support" and deemed Iran's response to the peace proposal as a "piece of garbage."
Mohammad-Bagher Ghalibaf, speaker of Iran's Parliament, said there is "no other alternative" but to accept what has been laid out in the 14-point proposal.
"Any other approach will be completely inconclusive; nothing but one failure after another," Ghalibaf said.
Oil prices rose, with the United States Oil Fund (NYSE:USO), which tracks West Texas Intermediate crude oil, closed up 3.80% at $138.66.
Why Ethereum Needs To Close Above $2,400
Blockchain analytics firm CryptoQuant highlighted a drop in Ethereum's derivatives activity, citing its Estimated Leverage Ratio on Binance.
Even so, funding rates have turned positive, signaling that long positions had once again become "dominant."
"This is not necessarily a bearish signal," CryptoQuant stated. "Lower leverage tends to stabilize the market, especially while ETH is attempting to break out of its range."
Widely followed cryptocurrency analyst Ali Martinez, meanwhile, identified $2,200-$2,400 as a "no-trade zone" for ETH.
"Only a sustained close outside this range will define the next major move," they added.
Photo Courtesy: Pixamin on Shutterstock.com
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