Major cryptocurrencies reversed course on Monday following their Sunday gains, as investors weighed the latest U.S. manufacturing data and the likelihood of a rate hike.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:18 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.70% | $85,977.33 |
| Ethereum (CRYPTO: ETH) | -0.40% | $2,717.44 |
| XRP (CRYPTO: XRP) | -0.80% | $1.51 |
| Solana (CRYPTO: SOL) | -0.50% | $121.06 |
| Dogecoin (CRYPTO: DOGE) | -0.60% | $0.09541 |
Crypto Market Corrects After Sunday Spike
Bitcoin fell sharply from the mid-$86,000s to the early $85,000s in the afternoon, before paring gains late in the evening.
Ethereum struggled to break away from the $2,700 zone, while XRP and Dogecoin declined notably.
Cryptocurrency-related stocks moved the other way, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 4.42% and 2.02%, respectively.
Over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $114 million in long positions erased, according to Coinglass data. Roughly 64,622 traders were liquidated.
Bitcoin’s open interest fell 0.97% over the last 24 hours, but Binance derivatives traders with open BTC positions remained “Neutral.”
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:18 p.m. EDT) |
| Midnight (NIGHT) | +12.40% | $0.05087 |
| OKB (OKB) | +9.60% | $133.50 |
| Filecoin (FIL) | +9.40% | $1.6 |
The global cryptocurrency market capitalization stood at $3.02 trillion, up 0.10% over the last 24 hours, while the total trading volume surged 66%.
Stock Market Surges
Stocks began the new trading week on a strong footing. The Dow Jones Industrial Average rallied 90.94 points, or 0.18%, to close at 51,267.90. The S&P 500 rose 0.66% to 7,773.95, while the tech-heavy Nasdaq Composite climbed 1.05% to a record close of 27,477.31.
The Purchasing Managers’ Index—which measures the health and direction of the manufacturing and services sectors—declined to 54.9% in September from 55.4% in the previous month, but was roughly in line with market estimates of 55%.
Meanwhile, odds that the Federal Reserve will keep interest rates unchanged stood at 76.8%, according to the CME FedWatch tool.
Bitcoin Upsides to Follow?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, speculated that Bitcoin is favoring the bullish “upper scenario” over a deeper pullback.
“Flipping $85,000 would be a trigger that we’re going to be seeing more upward momentum here and potentially even seeing $90,000 as a next target,” the analyst stated.
On-chain analytics firm CryptoQuant highlighted that Bitcoin’s Puell Multiple — an indicator that measures when miner revenues are unusually high or low compared to their yearly average — has hit an 11-month high
“As the Puell Multiple breaks above 1.00 — exiting the accumulation zone — a reversal is expected to be underway, with an initial target of 2.00,” CryptoQuant said. “BTC price has room to continue rising in an attempt to break through key resistance levels.”
Photo: KateStock / Shutterstock
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