Leading cryptocurrencies moved sideways on Tuesday amid signals that the Ukraine-Russia conflict could be coming to an end.
Cryptocurrency | Gains +/- |
|
-0.92% | $83,016.00 | |
+0.85% | $1,942.30 | |
-2.66% | $0.1682 |
What Happened: Bitcoin corrected to an intraday low of $81,179.99 in the early morning hours but staged a recovery past $83,000 overnight after President Donald Trump's call with Russian President Vladimir Putin signaled a Ukraine ceasefire. Ethereum also recouped losses from the morning hours, rising to $1,945.
More than $214 million was liquidated from the market in the last 24 hours, with bullish bets accounting for over $140 million. That said, about $376 million in shorts risked liquidation if Bitcoin reclaimed $85,000.
Additionally, if Bitcoin reclaims $87,000, a further $500 million in shorts would be wiped out.
Bitcoin's Open Interest fell 0.89% in the last 24 hours, mirroring the spot price trajectory. More than 50% of Bitcoin derivatives traders were short on the apex cryptocurrency, according to the Long/Short ratio, suggesting further downsides could be in the works.
The market remained fearful as of this writing, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
Raydium (RAY) | +20.84% | $2.07 |
EOS (EOS) | +20.12% | $0.5976 |
Hyperliquid (HYPE) | +9.82% | $14.42 |
The global cryptocurrency market capitalization stood at $2.71 trillion, marking a contraction of 0.96% in the last 24 hours.
Stocks retraced Tuesday after a positive start to the week. The Dow Jones Industrial Average fell 260.32 points, or 0.62%, to close at 41,581.31. The S&P 500 slid 1.07%, ending at 5,614.66, while the tech-focused Nasdaq Composite dropped 1.71% to close at 17,504.12.
The tech stocks correction followed electric vehicle giant $Tesla (TSLA.US)$ 5.34% dump during the session, while $NVIDIA (NVDA.US)$ closed 3.43% lower.
Investors will likely divert their attention to the Federal Reserve's decision on interest rates on Wednesday. The CME FedWatch tool projected a 99% chance of the current 4.25%-4.50% range remaining unchanged.
Analyst Notes: Noted cryptocurrency analytics firm CryptoQuant highlighted "aggressive" accumulation by high-net-worth Bitcoin holders, or those holding at least 1,000 BTCs
"On-chain data confirms that since November 2024, these wallets have collectively acquired over 1 million BTC," CryptoQuant stated. "If this trend continues, it could act as a key support mechanism for Bitcoin's price in this cycle."
Widely followed cryptocurrency analyst Ali Martinez reiterated the significance of Bitcoin reclaiming $93,700 as support to justify a rally to a new all-time high of $111,000.
