Leading cryptocurrencies plunged alongside stock futures on Sunday evening after President Donald Trump’s latest warning to Iran spooked investors.
Crypto Market Sinks
Bitcoin dived below $77,000 late in the evening, while trading volume plunged 13% in the 24 hours. The decline rippled through the rest of the market, with Ethereum, XRP and Dogecoin also trading lower.
Over $580 million was liquidated in the past 4 hours, with $550 million in long positions alone erased, according to Coinglass data.
Bitcoin’s open interest fell 2.39% over the last 24 hours. Notably, sentiment in the derivatives market turned bullish, with retail and whale traders on Binance increasing long bets.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.57 trillion, following a decline of 1.13% over the last 24 hours.
Stocks Also Fall After Trump’s Warning
Stock futures ticked lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 313 points, or 0.63%, as of 8:47 p.m. EDT. Futures tied to the S&P 500 dipped 0.62%, while Nasdaq 100 Futures lost 0.90%.
Geopolitical tensions remained elevated as Trump told Iran that “clock is ticking,” urging them to act swiftly or else “there won’t be anything left of them.”
More Pain To Follow?
Michaël van de Poppe, a popular cryptocurrency analyst and trader, identified $76,000 as an “important” support preventing Bitcoin from testing new lows.
“If that level is lost, I would assume that the markets will see a further downwards fall towards lower boundaries,” Van De Poppe stated.
On similar lines, symbiote, another popular cryptocurrency commentator, warned that BTC’s daily close below $75,000 could accelerate a move toward $60,000.
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