Bitcoin extended losses to fall below $87,000 before recovering some losses in the evening.
Ethereum also sank below $2,800, with trading volume tripling in the last 24 hours, indicating strong selling pressure. XRP and Dogecoin also recorded declines.
Over $600 million worth of levered longs was liquidated from the market in the last 24 hours, according to Coinglass.
Bitcoin's open interest rose 0.02% in the last 24 hours, while nearly 75% of Binance traders with open BTC positions placed long bets.
"Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 8:20 p.m. ET)
River (RIVER )
+23.91%
$73.26
Oasis (ROSE )
+14.18%
$0.01871
Beam (BEAM )
+9.27%
$0.003206
The global cryptocurrency market capitalization stood at $2.92 trillion, following a drop of 2.87% in the last 24 hours.
Stock Futures Slip Ahead Of Fed Decision
Stock futures edged lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 102 points, or 0.21%, as of 7:41 p.m. EDT. Futures tied to the S&P 500 slid 0.41%, while Nasdaq 100 Futures lost 0.64%.
Traders will focus this week on the Fed’s first policy decision of the year, scheduled for Wednesday. The CME FedWatch tool shows more than 97% odds that rates hold steady at 3.5%-3.75%.
Meanwhile, the precious metals rally continued, with silver hitting a fresh all-time high of $106 an ounce and gold reaching $5,050 an ounce. Likewise, gold-backed cryptocurrencies rallied.
Michaël van de Poppe, widely followed cryptocurrency analyst and trader, anticipated high volatility in the week ahead in the cryptocurrency, commodities and bond markets.
"Crypto is preparing for the worst, hence the deep selloff and that's why I think coming week brings a generational opportunity across the board," the analyst projected.
There's so much volatility ahead of us coming week.
Not only on the #Bitcoin & #Crypto markets, but also in forex, commodities & bond markets.
Crypto is preparing for the worst, hence the deep selloff and that's why I think coming week brings a generational opportunity across…
Legendary trader Peter Brandt spotted a "sell signal" for Bitcoin following completion of a multi-month bearish channel.
"Remember that charts can always morph. Price needs to reclaim $93,000 to negate," Brandt added.
Yet another sell signal in Bitcoin as a bear channel has been completed. Remember that charts can always morph. Price needs to reclaim $93k to negate $BTCpic.twitter.com/cD5PrUIkTr
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