Leading cryptocurrencies fell alongside stocks on Tuesday as investors priced in new tariffs and weaker-than-expected economic data.
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Get StartedDisclosure: 82% of retail CFD accounts lose moneySentiment Switches From Greed To Neutral
Bitcoin tumbled to $112,700 in the morning hours, but rallied overnight to the high $113,00s. Trading volume spiked nearly 13%, suggesting significant sell pressure.
Ethereum recorded a steeper decline, falling to an intraday low of $3,547.62, amid a 9.62% jump in volumes.
Bitcoin’s dominance narrowed to 61.2% while Ethereum’s market share rose to 11.7%.
XRP, the third-largest cryptocurrency by market capitalization, tumbled below $3, losing over 5% in the last 24 hours.
Nearly $358 million was liquidated from the cryptocurrency market in the last 24 hours, with $268 million in bullish longs wiped out. .
Bitcoin’s open interest dipped 0.31% in the last 24 hours, although the majority of Binance Futures traders were positioned long, according to the Long/Short ratio.
The market sentiment flipped from “Greed” to “Neutral,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.71 trillion, gaining 2.70% in the last 24 hours.
Semiconductor Stocks Pressured
Stocks edged lower on Tuesday. The Dow Jones Industrial Average slid 61.90 points, or 0.14%, to end at 44,111.74. The S&P 500 dipped 0.49%, finishing at 6,329.94, while the tech-focused Nasdaq Composite lost 1.95% to settle at 21,053.58.
Trump said in a CNBC interview that a new semiconductor tariff plan could be announced next week, sending stocks like Nvidia Corp. NVDA and Advanced Micro Devices Inc. AMD lower.
Weak macroeconomic sentiment weighed on the market, following a worse-than-expected July jobs report.
Analyst Expects Deeper Correction
Widely followed cryptocurrency analyst and trader Ali Martinez flagged $111,000 as a “critical support” for Bitcoin.
“If it breaks, the next key demand zone sits around $90,000, according to the Pricing Bands,” Martinez added.
Michaël van de Poppe, another popular market commentator, said it”s “very likely” that Bitcoin would dip to a new low before a reversal.
“The trend remains to be downwards, which means that it’s buy the dip season,” the analyst remarked.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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Unlock RankingsEdge RankingsMomentum92.05Price TrendShortMediumLongOverview$BTCBitcoin – United States dollar$113720.00-0.34%$DOGEDogecoin – United States dollar$0.1979-0.96%$ETHEthereum – United States dollar$3584.42-0.75%$SOLSolana – United States dollar$162.80-0.74%$XRPRipple – United States dollar$2.93-1.11%AMDAdvanced Micro Devices Inc$163.25-7.65%NVDANVIDIA Corp$176.81-1.77%Market News and Data brought to you by Benzinga APIs
