Leading cryptocurrencies fell alongside tech stocks Tuesday as the Senate passed President Donald Trump's mega tax-and-spending bill.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | -1.85% | $105,518.53 |
| Ethereum ETH/USD | -4.03% | $2,395.09 |
| Dogecoin DOGE/USD | -4.72% | $0.1582 |
What Happened: Bitcoin went downhill, hitting an intraday low of $105,157.40. The trading volume rose over 6% in the last 24 hours, suggesting significant sell pressure. Ethereum trended downward in the $2,400 region.
The decline erased over $220 million worth of bullish longs, with total liquidations reaching $258 million.
Meanwhile, over $500 million in short positions risked liquidation if Bitcoin surges to $109,000.
Bitcoin’s open interest fell 3.38% in the last 24 hours, while Ethereum recorded a gain of 0.88%. When open interest increases while the price falls, it suggests that more traders are entering short positions.
The "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Four (FORM) | +0.87% | $2.97 |
| Pax Gold (PAXG) | +0.54% | $3,344.67 |
| Tether Gold (XAUT) | +0.51% | $3,335.99 |
The global cryptocurrency market capitalization stood at $3.25 trillion, contracting 2.07% in the last 24 hours.
Stocks traded mixed to begin the second half of 2025. The Dow Jones Industrial Average climbed 400.17 points, or 0.91%, to end at 44,494.94. The S&P 500 dipped 0.11% to close at 6,198.01, while the tech-focused Nasdaq Composite slid 0.82% to settle at 20,202.89.
Tesla Inc. TSLA and Nvidia Corp. NVDA led the tech sell-off, falling 5.34% and 2.97%, respectively.
Additionally, Trump's mega tax-and-spending bill, a package that could add trillions to the national debt, passed the Senate with a thin margin.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez noticed a Bitcoin bearish signal that has historically "predicted every major crash."
The TD Sequential just gave a quarterly sell signal. This is a rare warning," Martinez said. "If it plays like before, Bitcoin can drop below $40,000.
The bold prediction didn't go too well with users on X, many of whom dismissed his findings.
Note that the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
Martinez also assessed Ethereum's trajectory, sensing optimism about the asset.
"But let's be real: I expect more chop until we get a sustained close outside the $2,227–$3,385 range," he added.
Photo Courtesy: Rido on Shutterstock.com
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