Leading cryptocurrencies fell alongside tech stocks Tuesday as the Senate passed President Donald Trump’s mega tax-and-spending bill.
What Happened: Bitcoin went downhill, hitting an intraday low of $105,157.40. The trading volume rose over 6% in the last 24 hours, suggesting significant sell pressure. Ethereum trended downward in the $2,400 region.
The decline erased over $220 million worth of bullish longs, with total liquidations reaching $258 million.
Meanwhile, over $500 million in short positions risked liquidation if Bitcoin surges to $109,000.
Bitcoin’s open interest fell 3.38% in the last 24 hours, while Ethereum recorded a gain of 0.88%. When open interest increases while the price falls, it suggests that more traders are entering short positions.
The “Greed” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.25 trillion, contracting 2.07% in the last 24 hours.
Stocks traded mixed to begin the second half of 2025. The Dow Jones Industrial Average climbed 400.17 points, or 0.91%, to end at 44,494.94. The S&P 500 dipped 0.11% to close at 6,198.01, while the tech-focused Nasdaq Composite slid 0.82% to settle at 20,202.89.
Tesla Inc. TSLA and Nvidia Corp. NVDA led the tech sell-off, falling 5.34% and 2.97%, respectively.
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Additionally, Trump’s mega tax-and-spending bill, a package that could add trillions to the national debt, passed the Senate with a thin margin.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez noticed a Bitcoin bearish signal that has historically “predicted every major crash.”
The TD Sequential just gave a quarterly sell signal. This is a rare warning,” Martinez said. “If it plays like before, Bitcoin can drop below $40,000.
The bold prediction didn’t go too well with users on X, many of whom dismissed his findings.
Note that the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
Martinez also assessed Ethereum’s trajectory, sensing optimism about the asset.
“But let’s be real: I expect more chop until we get a sustained close outside the $2,227-$3,385 range,” he added.
Photo Courtesy: Rido on Shutterstock.com
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Unlock RankingsEdge RankingsMomentumNot AvailablePrice TrendShortMediumLongOverview$BTCBitcoin$105731.480.02%$DOGEDogecoin$0.15870.56%$ETHEthereum$2411.250.25%NVDANVIDIA Corp$152.90-3.22%TSLATesla Inc$300.36-5.45%Market News and Data brought to you by Benzinga APIs
