Leading cryptocurrencies made a comeback on Monday despite escalating hostilities in the Middle East war.
Crypto Market Rebounds
Investors bought the dip, as Bitcoin touched $70,000 and Ethereum crossed $2,000. The two blue-chip currencies recorded a sharp spike in trading volumes.
Bitcoin’s market share narrowed to 58.5%, while Ethereum’s dominance shrank to 10.4%, although the market was from an Altcoin Season, according to CoinMarketCap data.
Nearly $430 million was liquidated from the market in the last 24 hours, according to Coinglass, with over $200 million in short liquidations alone.
Another $387 million in Bitcoin shorts faces liquidation risk if the top cryptocurrency climbed back to $72,000.
Open interest in Bitcoin futures rose 4.93% over the last 24 hours. Binance whales remained long on the apex cryptocurrency, while retail derivative sentiment shifted to neutral.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.35 trillion, increasing 3.29 over the last 24 hours.
Oil Prices Soar Over Supply Disruptions Fear
Major indexes ended Monday with mixed results. The S&P 500 gained 0.04% to close at 6,881.62, while Nasdaq Composite lifted 0.36% to end the session at 22,748.86.
The Dow Jones Industrial Average, meanwhile, slid 73.14 points, or 0.15%, to finish at 48,904.78.
Crude oil prices hit multi-month highs, with West Texas Intermediate up 1.14% to $71.48 per barrel following reports that Iran closed the Strait of Hormuz, one of the world’s busiest oil shipping routes.
Capital flight to gold continued, as spot price for the yellow metal rose 0.92% to $5,370 an ounce.
More Upsides Ahead For BTC?
Widely followed cryptocurrency analyst and trader Ali Martinez identified $83,307 and $84,569 as key resistance levels for Bitcoin above $68,160
Blockchain analytics firm CryptoQuant stated that loss-driven inflows from short-term holders of Bitcoin to exchanges have “progressively declined” over the past three weeks.
“The sell-side pressure from recent buyers is fading,” the research firm said. “A continued decline in loss-driven transfers would indicate seller exhaustion, which historically precedes market stabilization and potential recovery phases.”
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