Bitcoin, Ethereum, XRP, Dogecoin Slide as 'Extreme Fear' Persists: Analyst Notes Half of BTC Circulating Network Now Sitting 'Underwater'
Leading cryptocurrencies reversed course on Tuesday amid negative sentiment in the market, but analysts believe the sell-off may have carved out a bottom.
|
Cryptocurrency |
24-Hour Gains +/- |
Price (Recorded at 9:10 p.m. EDT) |
|---|---|---|
|
Bitcoin (CRYPTO: BTC) |
-2.52% |
$58,223.10
|
|
Ethereum (CRYPTO: ETH)
|
-1.54% |
$1,566.30 |
|
XRP (CRYPTO: XRP) |
-1.43% |
$1.03 |
|
Solana (CRYPTO: SOL) |
-1.34% |
$73.20 |
|
Dogecoin (CRYPTO: DOGE) |
-1.38% |
$0.07144 |
Crypto Market Retreats
Bitcoin pulled back to about $58,000 after Monday's surge, while 24‑hour trading volume ticked up slightly. Ethereum pulled back from $1,600 and traded around the $1,500 level, while XRP and Dogecoin slipped modestly.
Cryptocurrency-related stocks pulled back, with Strategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 6.20% and 3.55%, respectively.
Nearly $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $183 million in bullish long positions alone erased, according to Coinglass data.
Bitcoin's open interest rose 1.52% over the last 24 hours. An increase in open interest when the price falls indicates a short buildup, meaning sellers are entering the market to create new short positions.
"Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:10 p.m. EDT) |
|
MemeCore(M) |
+22.20% |
$0.7516 |
|
Humanity (H) |
+18.62% |
$0.08672 |
|
dYdX (DYDX) |
+13.85% |
$0.1793 |
The global cryptocurrency market capitalization stood at $2.07 trillion, broadly unchanged over the last 24 hours.
Read Also:Peter Schiff: Imagine How Much Weaker Bitcoin Will Still Be When Saylor Starts Selling
Dow Hits New Closing High
Stocks extended their gains on Tuesday. The Dow Jones Industrial Average surged 136.46 points, or 0.26%, to close at a record high of 52,319.20. The S&P 500 lifted 0.79% to end at 7,499.36,while the tech-heavy Nasdaq Composite rallied 1.52% to settle at 26,213.72.
Dow finished June 2.43% higher, while the S&P 500 and the Nasdaq slid 1.32% and 3.22%, respectively.
Bitcoin Inside 'High-Coviction Accumulation Zone'
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin's supply in loss has exceeded its supply in profit for the first time in this cycle.
Martinez said that this on-chain crossover has historically aligned with "major" cycle bottoms in 2011, 2014, 2018, and 2020.
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