Leading cryptocurrencies erased early gains Monday as President Donald Trump asked citizens of Tehran, Iran’s capital, to “immediately” evacuate the city amid escalating Iran-Israel conflict.
What Happened: Bitcoin nearly hit $109,000 late evening, marking a sharp recovery from the downsides triggered due to the Iran-Israel war.
Investors have been on edge since the beginning of the hostilities between the two regional rivals. However, the jitters were eased after reports said that Iran wants to de-escalate tensions and return to negotiations.
But the optimism seems to have faded after Trump ordered residents of the Iranian capital, Tehran, to immediately evacuate, sending stock futures and cryptocurrencies tumbling. Bitcoin fell below $107,000 on the news.
Ethereum saw a similar trajectory, rising to an intraday high of $2,680.09 only to fall below $2,500.
About $381 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $204 million.
Bitcoin’s Open Interest rose 2.91% after days of decline and flat movement. Over 60% of Binance traders with open BTC positions were positioned short, according to the long/short ratio, indicating expectations of further downside.
The “Greed” sentiment strengthened from 61 to 68, according to the Crypto Fear & Greed Index.
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The global cryptocurrency market capitalization stood at $3.32 trillion, following an increase of 1.03% in the last 24 hours.
Stocks made a sharp recovery on Monday. The Dow Jones Industrial Average climbed 317.30 points, or 0.75%, to close at 42,515.09. The S&P 500 spiked 0.94% to end at 6,033.11. The tech-focused Nasdaq Composite gained 1.52% to close at 19,701.21.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst and trader Rekt Capital highlighted Bitcoin’s six-week streak of holding $104,400 as support, a critical level following a breakout from a re-accumulation range
“To reiterate, this is a post-breakout retest in an effort to fully confirm the breakout from the re-accumulation range,” Rekt Capital added.
Another widely followed cryptocurrency analyst, Michaël van de Poppe, noticed the pullback in gold and oil prices.
“If, this week, if Gold breaks more south and sub $3,400, that would be a great signal for risk-on appetite,” Van De Poppe predicted.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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Reveal Full ScoreEdge RankingsMomentumNot AvailablePrice TrendShortMediumLongOverview$BTCBitcoin$106824.00-0.03%$DOGEDogecoin$0.17350.41%$ETHEthereum$2569.700.97%Market News and Data brought to you by Benzinga APIs
