Bitcoin failed to build on recent gains on Monday as investors waited for the Federal Reserve’s decision on interest rates.
| Cryptocurrency | Profit +/- | Price (recorded at 8:30 PM ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.98% | $90,264.02 |
| Ethereum (CRYPTO:ETH) | +0.27% | $3,112.05 |
| XRP (CRYPTO:XRP) | +0.56% | $2.07 |
| Solana (CRYPTO: SOL) | +0.25% | $133.14 |
| Dogecoin (CRYPTO: DOGE) | +1.68% | $0.1416 |
Crypto rally ends
The top cryptocurrency retreated sharply after Sunday night’s gains, hitting an intraday low of $89,644. Trading activity remained high, with volume up 15% in the last 24 hours.
Ethereum moved sideways and consolidated in the $3,100 region, while XRP And Dogecoin rose by 0.56% and 1.68% respectively.
Shares of cryptocurrency-linked stocks such as Strategy Inc. (NASDAQ:MSTR) And Coinbase Global Inc. (NASDAQ: MINT) closed down 2.63% and 1.66%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Read more about MSTR and COIN here.
Cryptocurrency liquidations reached $200 million in the past 24 hours. according to to Coinglass, clearing more than $100 million in bearish short positions.
Bitcoin open interest fell 0.29% over the past 24 hours. Meanwhile, more than 70% of Binance’s top traders, i.e. the top 20% of users with the highest margin balance, were long positioned on BTC, according to the Long/Short ratio.
The ‘extreme fear’ sentiment prevailed in the market, according to to the Crypto Fear & Greed Index.
Top risers (24 hours)
| Cryptocurrency (Market cap>$100 million) | Profit +/- | Price (recorded at 8:30 PM ET) |
|---|---|---|
| Fixed token (FTN ) | +175.31% | $1.49 |
| Terra (LUNA) | +37.08% | $0.1411 |
| Canton (CC ) | +20.71% | $0.07561 |
The global cryptocurrency market cap reached $3.09 trillion, after rising modestly by 0.93% in the past 24 hours.
Stocks pull back ahead of Fed decision
The shares closed in the red on Monday. The Dow Jones Industrial Average fell 215.67 points, or 0.45%, to end at 47,739.32. The S&P500 fell 0.35% to settle at 6,846.51, while the tech-heavy Nasdaq Composite retreated 0.14% to end at 23,545.90.
A 25 basis point cut is almost fully priced in for Wednesday’s Federal Reserve meeting, with CME FedWatch facts which shows that there is an 87% chance of the third consecutive interest rate cut.
In addition to the expected cut, investors will keep an eye on the new economic forecasts and the Fed chairman Jerome Powells comments
Where does BTC go from here?
Widely followed cryptocurrency analyst and trader Michael van de Poppe identified $92,000 as a “critical” level for Bitcoin
“There has been a relatively harsh rejection, which means that things do not look good in the short term,” said Van De Poppe.
If Fed Chairman Powell takes an aggressive approach to future rate cuts, the analyst predicts a “classic news-type selloff.”
“This would mean markets break these lows for the final time in 2025, then crash to $78,000-$82,000 and quickly reverse from there,” the analyst added.
Lacie ZhangResearch Analyst at Bitget wallet, noted “moderate” downward pressure for both Bitcoin and Ethereum.
“In the near term, we expect BTC to recover towards $95,000-$100,000 and ETH to retest $3,800 as institutional flows normalize and macro uncertainty stabilizes,” Zhang said in a note to Benzinga.
Photo courtesy: vinnstock on Shutterstock.com
Read next:
#Bitcoin #Ethereum