Leading cryptocurrencies moved sideways, while stocks rose further on Thursday, as traders pinned their hopes on an Iran ceasefire.
Crypto Recovery Stalls
Bitcoin failed to hold gains above $78,000, while Ethereum stalled near $2,150 as major cryptocurrencies remained flat.
Roughly $100 million was liquidated in the past 24 hours, evenly split between long positions and short positions, according to Coinglass data.
Bitcoin’s open interest fell 2.25% over the last 24 hours. Interestingly, the majority of retail and whale traders on Binance were positioned long on the apex cryptocurrency.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.59 trillion, following an increase of 0.89% over the last 24 hours.
Stocks Close At Record Highs
Stocks rallied to record highs on Thursday. The Dow Jones Industrial Average rose 276.31 points, or 0.55%, for a closing record of 50,285.66. The S&P 500 lifted 0.17% to 7,445.72, while the tech-heavy Nasdaq Composite gained 0.09% to end at 26,293.10.
Investors have been optimistic after President Donald Trump said earlier in the week that negotiations with Iran are in the “final stages.”
The United States Oil Fund (NYSE:USO), which tracks West Texas Intermediate crude oil, has fallen 2% over the last week.
BTC Miners Not Pricing In A Bottom Yet?
Blockchain analytics firm CryptoQuant noted that while Bitcoin miners are reducing their reserves, they are not “selling aggressively” compared to historical averages.
“This type of behavior is often seen near market bottom formations. That suggests miners still do not believe Bitcoin has fully entered a true bottom zone yet,” CryptoQuant added.
Widely followed cryptocurrency analyst and trader Michaël van de Poppe said that a Middle East ceasefire would be the “best trigger for strength” on the cryptocurrency market.
Van De Poppe stated that a ceasefire would ease broader macro headwinds, pushing oil prices down, lowering U.S. Treasury yields, and prompting further corrections in gold and silver, conditions that would support a rebound in altcoins.
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