Leading cryptocurrencies sank deeper into misery on Tuesday, while stocks also closed down.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin BTC/USD | -7.06% | $99,477.87 |
| Ethereum ETH/USD | -12.48% | $3,183.64 |
| XRP XRP/USD | -8.72% | $2.13 |
| Solana SOL/USD | -9.94% | $150.48 |
| Dogecoin DOGE/USD | -6.65% | $0.1579 |
Crypto Liquidations Top $2 Billion
Bitcoin crashed below $100,000 for the first time since early May, a sharp U-turn from its all-time highs only a month ago. The apex cryptocurrency’s trading volume surged 47% in the last 24 hours to a whopping $111 billion.
Bitcoin’s drop caused tremors across the market, with Ethereum plummeting over 12% and nearly sinking below $3,000. XRP and Dogecoin fell 8.72% and 6.65%, respectively.
A liquidation tsunami swept across the market, wiping off more than $2 billion in the last 24 hours. Long liquidations accounted for $1.70 billion.
Bitcoin's open interest plummeted 6% in the last 24 hours, while funds locked in Ethereum derivatives dropped by over 18%.
Interestingly, over 72% of Binance traders with open BTC positions were betting on the asset’s bullish recovery.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Momentum (MMT ) | +319.89% | $2.06 |
| DeAgentAI (AIA) | +127.06% | $2.69 |
| Giggle Fund (GIGGLE ) | +67.12% | $100.88 |
The global cryptocurrency market capitalization stood at $3.31 trillion, collapsing by 6.52% in the last 24 hours.
Stocks Pressured By Palantir’s Decline
Stocks declined on Tuesday. The Dow Jones Industrial Average slipped 251.44 points, or 0.53%, to end at 47,085.24. The S&P 500 fell 1.17% to close at 6,771.55, while the tech-focused Nasdaq Composite closed down 2.04% at 23,348.64.
The downsides came as Palantir Technologies Inc. PLTR shares tumbled nearly 8% despite the company's strong quarterly results.
Meanwhile, spot gold traded up 0.26% to $3,942.97, while the U.S. dollar index rose to a three-month high.
Analyst Expects BTC To Trade In This Range In Near Term
Lacie Zhang, Research Analyst at Bitget Wallet, said in a note to Benzinga that Bitcoin could trade within a $94,000–$118,000 range in the near term
"The lower bound represents a healthy retracement zone consistent with subdued ETF inflows, while the upper range reflects a measured recovery below the October high near $125,000," Zhang added.
The analyst projected Ethereum to fluctuate between $3,000 and $4,400.
On-chain analytics firm Santiment noticed a sharp increase in bearish social media commentary on Bitcoin and Ethereum, which has historically preceded market bottoms and relief rallies.
"Bitcoin’s drop to $98,900 and Ethereum’s to $3,090 may have your timeline showing fellow traders left in shambles. But social data indicates there are still many buying dips with confidence," Santiment said.
Photo Courtesy: vinnstock on Shutterstock.com
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