Leading cryptocurrencies inched lower on Sunday as investors maintained a subdued risk appetite.
Bitcoin Extends Losses
Bitcoin tumbled below $93,000, extending the leading cryptocurrency’s ongoing decline. Trading volume more than doubled over the last 24 hours, signaling high selling pressure.
Ethereum bounced off its support at $3,000 late evening, with trading volume jumping 71% to $32.16 billion.
Cryptocurrency liquidations topped $620 million in the last 24 hours, according to Coinglass, with nearly $400 million accounting for bullish long positions.
Bitcoin’s open interest rose 1.41% in the last 24 hours. A rise in open interest, coming alongside a dip in spot price, typically indicates that new money is entering the market through short selling.
“Extreme Fear” dominated the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.22 trillion, contracting 0.33% in the last 24 hours.
Stock Futures Gain
Stock futures ticked higher overnight Sunday. The Dow Jones Industrial Average Futures added 15 points, or 0.05%, as of 7:48 p.m. EDT. Futures tied to the S&P 500 rose 0.34%, while Nasdaq 100 Futures gained 0.57%.
The market is coming off a challenging week, with S&P 500 and the tech-heavy Nasdaq Composite ending last week down 1.05% and 2.36%, respectively.
Tech giant Nvidia Corp. (NASDAQ:NVDA) is set to report its third-quarter earnings on Wednesday, giving investors vital clues about the state of the artificial intelligence trade.
Are We Still In For Good Times?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe predicting Bitcoin would test new lows in the coming week.
“If it breaks the lows and quickly rebounds + good macroeconomic data, then we’re in for some good times,” the analyst added.
Ali Martinez, another popular cryptocurrency commentator, piqued the market’s attention, saying, “$1,800 looks like a great spot to buy Ethereum,” implying that the second-largest token could tumble further.
Photo: Sodel Vladyslav / Shutterstock
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