Leading cryptocurrencies fell Monday as President Donald Trump’s fresh tariffs on Japan and South Korea spurred risk-off sentiment.
What Happened: Bitcoin slipped to an intraday low of $107,527.06 but recovered to $108,000 by late evening. Trading volume rose 18% in the last 24 hours, signaling high selling pressure.
Ethereum wobbled around $2,500, reaching an intraday low of $2,517.90 in the afternoon.
Bitcoin’s market dominance increased to 64.5%, while the shares of Ethereum and other altcoins declined.
In the past 24 hours, 76,424 traders were liquidated, with total liquidations at $164.05 million. More than $115 million in bullish longs were wiped out.
Meanwhile, more than 60% of Binance derivatives traders with open BTC positions were short as of this writing.
The “Greed” sentiment weakened from 73 to 65 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.35 trillion, sliding 0.40% in the last 24 hours.
Stocks tumbled at the start of a new trading week. The Dow Jones Industrial Average declined 422.17 points, or 0.94%, to end at 44,406.36. The S&P 500 fell 0.79% to close at 6,229.98, while the tech-focused Nasdaq Composite lost 0.92%, ending at 20,412.52.
Trump announced sweeping 25% tariffs on all imports from Japan and South Korea, starting Aug. 1. The hike comes after a 90-day negotiation window, set on April 9, expired without a deal.
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Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez cited historical cycles to suggest that Bitcoin’s next market top is six months away.
“If this bull cycle mirrors the last two, we could be 6 months away from the next market top.”
On-chain analytics firm CryptoQuant drew attention to Bitcoin’s bounce above the 365-day Simple Moving Average, a level that has historically served as strong support.
“Historically, as long as MVRV stays above its SMA365, the uptrend tends to continue,” CryptoQuant added.
MVRV, a shorthand for Market Value to Realized Value, is a ratio used to assess the value of a cryptocurrency by comparing its current market value to its realized value.
Photo Courtesy: PeopleImages.com – Yuri A on Shutterstock.com
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Unlock RankingsEdge RankingsMomentumNot AvailablePrice TrendShortMediumLongOverview$BTCBitcoin$107745.33-0.50%$DOGEDogecoin$0.1667-0.71%$ETHEthereum$2528.61-0.54%Market News and Data brought to you by Benzinga APIs
