Leading cryptocurrencies dipped on Sunday as investors reduced their risk-taking appetite amid the Federal Reserve’s cautious stance on rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | -0.76% | $90,085.28 |
| Ethereum ETH/USD |
-0.88% | $3,119.31 |
| Dogecoin DOGE/USD | -1.12% | $0.3621 |
What Happened: Bitcoin rose above $91,000 early morning hours but lost steam and retreated below $89,000 by evening. Dip-buying eventually boosted it over $90,000.
Ethereum followed a similar trajectory, plummeting to $3,040 from an intraday high of $3,160, only to recover to $3,110 overnight.
Total cryptocurrency liquidations hit $373 million in the last 24 hours, with bullish leveraged positions losing over $258 million.
The Open Interest (OI) in Bitcoin futures rose 0.78% in the last 24 hours.
Bitcoin’s funding rates across major cryptocurrency exchanges continued to be positive, indicating dominance of longs.
The “Extreme Greed” sentiment weakened sharply from 90 to 83 due to the corrective action, reading from the Cryptocurrency Fear and Greed Index showed.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| MANTRA (OM) | +50.55% | $4.13 |
| Raydium (RAY) | +19.43% | $5.83 |
| Peanut the Squirrel (PNUT) | +12.22% | $1.88 |
The global cryptocurrency market capitalization stood at $3.01 trillion, declining 1.25% in the last 24 hours.
Stock futures edged marginally higher Sunday night. The Dow Jones Industrial Average Futures rose 10 points, or 0.02%, as of 7:45 p.m. EDT. Futures tied to the S&P 500 gained 0.20%, while Nasdaq 100 Futures added 0.47%.
The three benchmark averages witnessed sell-offs last week after the Fed’s Jerome Powell’s hawkish tone cast doubts about December’s interest rate cuts.
Investors priced in a 62% chance of a 25 basis-point cut as per the CME FedWatch tool, down from 64.6% a week before.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Ali Martinez stated that a daily close for Bitcoin above $91,000 would negate his previous bearish prediction and propel the cryptocurrency to $100,680.
In the case of Bitcoin retrace, Martinez flagged $85,800 – $83,250 and $75,520 – $72,880 as important support levels to keep track of.
Michaël van de Poppe, another widely-followed cryptocurrency researcher, said he was buying Bitcoin and Ethereum dips amid growing volatility.
“Expect that we’ll see $100K per Bitcoin before 1st of January 2025,” he added.
Photo by Igor Faun on Shutterstock
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
