Bitcoin rose to $92,390 in the early trading hours before losing steam and retreating to $91,000 region. Trading volume nearly doubled over the last 24 hours to $38.78 billion.
Ethereum traded in a tight band around $3,000, while volume surged 66% to $19.73 billion.
Shares of cryptocurrency-related companies, including Strategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR), closed up 3.11% and 3.56%, respectively
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and BMNR here.
Over $230 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with over 50% accounting for long liquidations.
Bitcoin's open interest fell 2.82% in the last 24 hours, while the percentage of Binance traders placing long bets on the apex cryptocurrency declined from 69% to 65%.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 8:30 p.m. ET)
Story (IP )
+23.75%
$3.04
Verge (XVG )
+18.56%
$0.007063
BUILDon (B )
+18.03%
$0.2720
The global cryptocurrency market capitalization stood at $3.11 trillion, following a slight increase of 0.11% in the last 24 hours.
Stocks Close At Record Highs
Stocks kicked off the new trading week on a high. The Dow Jones Industrial Average lifted 86.13 points, or 0.17%, ending at a record high of 49,590.20. The S&P 500 reached a record close of 6,977.2 after rallying 0.16%. The tech-heavy Nasdaq Composite closed up 0.26% at 23,733.90.
Gold and silver also surged to record highs as investors reassessed the Federal Reserve’s independence fears after the Department of Justice opened a criminal probe into Chair Jerome Powell.
Blockchain analytics firm CryptoQuant highlighted that short-term holders, i.e, those holding Bitcoin for less than 155 days, were increasingly selling at a loss even as the apex cryptocurrency continued its uptrend.
"Historically, this misalignment between rising prices and capitulating retail investors often marks areas of opportunity, where short-term fear contrasts with the structural strength of the upward price trend," CryptoQuant stated.
Retail Investors Fear Short-Term Volatility as Bitcoin Continues Its Upward Trend
"Historically, this misalignment between rising prices and capitulating retail investors often marks areas of opportunity." – By @gaah_impic.twitter.com/2RcmrttcbK
Michaël van de Poppe, awidely followed cryptocurrency analyst and trader, noted Bitcoin’s resilience above the 21-day moving average near $90,000, indicating significant accumulation.
"In that regard, cracking $92,000 clearly and we’ll see $100,000 in max. 10 days," Van De Poppe projected.
So far, so good.
This is great.
No drop beneath the 21-Day MA.
Buyers stepping in to accumulate #Bitcoin at these regions.
Given the fact that the markets hang in this range for such a long time, it shows the significance of the potential breakout levels.
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