Leading cryptocurrencies slid alongside stock futures and commodities Sunday overnight as the ongoing Middle East conflict kept investors on edge.
Cryptos Sell Off
Bitcoin tumbled below $65,000 in the evening, while trading volume surged 52% in the last 24 hours. Ethereum also encountered strong selling pressure as the second-largest cryptocurrency gave up gains from earlier in the week.
The cryptocurrency market saw over $340 million in liquidations over the past 24 hours, with nearly $175 million wiped out in just the last 4 hours, mostly from long positions, according to Coinglass data
Open interest in Bitcoin fell 1.14% in the last 24 hours. Even so, whale and retail derivative traders on Binance remained net long on BTC, according to the Long/Short ratio.
“Extreme Fear” sentiment plunged to 8, according to the Crypto Fear & Greed Index, signaling extreme panic.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.28 trillion, shrinking by 2.26% over the last 24 hours.
Stock Futures Dip As Oil Surges
Stock futures edged lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 898 points, or 1.92%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 declined 1.86%, while Nasdaq 100 Futures slid 2.18%.
A widening supply shock propelled crude oil higher, pushing the price of West Texas Intermediate crude futures above $109 a barrel, as escalating Middle East conflict rattled global energy markets.
Despite the tensions, spot gold traded 2.54% down at $5,045 per ounce, while spot silver dipped 4.76% to $80.38 an ounce.
More Downsides On The Way?
Cryptocurrency analyst Mr. Wall Street predicted that Bitcoin would rally to the $80,000-$85,000 region, and only after that would it start the “last leg down” of the bear market. They estimated a market bottom at the $40,000-$50,000 region.
Rekt Capital, another well-known cryptocurrency chartist on X, noted that Bitcoin cancelled its rebound from earlier in the week after failing to sustain above the 200-week exponential moving average, around $72,000.
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