Leading cryptocurrencies corrected on Monday, while stocks rallied, as investors braced for the Federal Reserve’s decision on rate cuts and President Donald Trump’s meeting with Chinese President Xi Jinping.
Cryptos Give Up Gains
Bitcoin failed to hold on to its Sunday gains, retreating back to the $114,000 range. Trading volume, meanwhile, jumped 35% in the last 24 hours, indicating high selling pressure.
Ethereum also corrected, down 1.26% in the 24-hour period, while the token’s trading volume lifted 27%. XRP and Solana also retraced.
Cryptocurrency liquidations hit $307 million in the last 24 hours, with more than $190 million in long positions wiped out, according to Coinglass.
Bitcoin’s open interest fell marginally by 0.10%, although the majority of Binance traders with open BTC positions remained long as of this writing.
The market remained in a “Neutral” state, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.86 trillion, contracting by 0.75% in the last 24 hours.
Stocks At Record Highs
Stocks set new highs on Monday. The Dow Jones Industrial Average climbed 337.47 points, or 0.71%, to close at 47,544.59. The S&P 500 rallied 1.23% to 6,875.16, while the tech-heavy Nasdaq Composite closed up 1.86% to 23,637.46.
The market surged as investors grew optimistic that Trump and Xi would extend their trade truce during a high-stakes meeting in South Korea on Thursday.
Moreover, chances of the Federal Reserve announcing a 25 basis point rate cut in the meeting later this week rose to 97%, according to the CME FedWatch tool, adding to the bullish sentiment.
Bitcoin Poised For New Highs Despite Correction?
Michaël van de Poppe, a well-known analyst and trader, said that Bitcoin is undergoing a pre-FOMC correction.
“Retest of the $112,000 area wouldn’t be bad. After that -> onwards to a new ATH,” the analyst predicted.
Widely followed cryptocurrency commentator Ted Pillows highlighted “decent” buy bids at $4,050-$4,100 and a resistance at $4,300 for Ethereum on Binance.
“If bulls are able to reclaim that zone [$4,300], expect another fast move to the upside,” Pillows projected.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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