Major cryptocurrencies fell further into misery on Tuesday, while stocks also closed down.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO:BTC) | -7.06% | $99,477.87 |
| Ethereum (CRYPTO: ETH) |
-12.48% | $3,183.64 |
| XRP (CRYPTO:XRP) | -8.72% | $2.13 |
| Solana (CRYPTO: SOL) | -9.94% | $150.48 |
| Dogecoin (CRYPTO:DOGE) | -6.65% | $0.1579 |
Crypto Liquidations Surpass $2 Billion
Bitcoin fell below $100,000 for the first time since early May, a sharp turnaround from its all-time highs of just a month ago. Trading volume of the supreme cryptocurrency jumped 47% in the last 24 hours to a whopping $111 billion.
The fall of Bitcoin caused tremors in the market, with Ethereum falling more than 12% and almost falling below $3,000. XRP And Dogecoin fell 8.72% and 6.65%, respectively.
A tsunami of liquidation has swept through the market, wiping out more than $2 billion in the last 24 hours. Long liquidations accounted for $1.70 billion.
Bitcoin open interest fell 6% in the past 24 hours, while funds locked in Ethereum derivatives fell more than 18%.
It is interesting to note that more than 72% of Binance traders with open BTC positions were betting on the asset’s bullish recovery.
Top winners (24 hours)
| Cryptocurrency (Market capitalization >$100M) | Earnings +/- | Price (recorded at 8:25 p.m. ET) |
|---|---|---|
| Momentum (MMT ) | +319.89% | $2.06 |
| FromAgentAI (AIA) |
+127.06% | $2.69 |
| Funds of laughter (GIGGLE ) | +67.12% | $100.88 |
The global cryptocurrency market capitalization stood at $3.31 trillion, collapsing by 6.52% in the last 24 hours.
Actions Squeezed by Palantir’s decline
Stocks fell Tuesday. THE Dow Jones Industrial Average slipped 251.44 points, or 0.53%, to finish at 47,085.24. THE S&P500 fell 1.17% to close at 6,771.55, while the tech-focused market Nasdaq Composite closed down 2.04% at 23,348.64.
The disadvantages appeared when Palantir Technologies Inc. (NASDAQ: PLTR) shares fell nearly 8% despite the company’s strong quarterly results.
Meanwhile, spot gold rose 0.26 percent to $3,942.97, while the U.S. dollar index hit a three-month high.
Analyst expects BTC to trade in this range in the near term
Lacie Zhang, Research Analyst at Bitget Walletsaid in a note to Benzinga that Bitcoin could trade in a range of $94,000 to $118,000 in the near term.
“The lower boundary represents a healthy retracement zone consistent with moderate ETF inflows, while the upper range reflects a measured recovery below the October high near $125,000,” Zhang added.
The analyst predicts that Ethereum will fluctuate between $3,000 and $4,400.
On-chain analytics firm Santiment has noticed a sharp increase in bearish social media comments on Bitcoin and Ethereum, which have historically preceded market dips and relief rallies.
“Bitcoin’s fall to $98,900 and Ethereum’s fall to $3,090 might leave your timeline showing other traders in ruins. But social data indicates there are still plenty of dips to buy with confidence,” Santiment said.
Photo courtesy: vinnstock on Shutterstock.com
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