Leading cryptocurrencies lifted alongside stock futures overnight on Sunday after President Donald Trump said that a framework agreement to end the conflict with Iran had been completed.
Crypto Market Spikes
Bitcoin jumped to $65,800 overnight as trading volume soared 36% over the last 24 hours. Ethereum hit $1,730, fueled by a similar wave of buying pressure, while XRP and Dogecoin posted sharp gains.
Over $333 million was liquidated from the market in the last 24 hours, with short position traders losing $239 million, according to Coinglass data.
Bitcoin’s open interest spiked 2.57% in the last 24 hours. Retail and whale derivatives traders with open BTC positions remained “bullish” on the apex cryptocurrency.
Despite the gains, “Extreme Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.24 trillion, following an increase of 1.56% from the previous day.
Stock Futures Rise On Iran Deal Announcement
Stock futures popped higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 404 points, or 0.79%, as of 9:41 p.m. EDT. Futures tied to the S&P 500 jumped 1.04%, while Nasdaq 100 Futures rallied 1.74%.
The rally followed Trump’s confirmation that the peace deal with Iran is “complete” and authorized the “toll free opening” of the Strait of Hormuz.
Risk-On Sentiment To Return?
Popular cryptocurrency commentator Michaël van de Poppe viewed Bitcoin’s breakout above $64,000 as a catalyst for risk-on sentiment.
“Altcoins will provide from that move and get more liquidity in which we’re likely going to see another leg on the strongest assets in the markets,” Van De Poppe projected.
Widely followed cryptocurrency analyst and trader Ali Martinez said Ethereum revisiting $1,070—the lower boundary of a multi-year channel pattern—would present “one of the best buying opportunities.”
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