Leading cryptocurrencies moved sideways on Thursday, while commodities gained as President Donald Trump weighed a military attack on Iran.
Crypto Market Languishes
Bitcoin extended its sideways movement as trading volumes stayed subdued. Ethereum meandered in the high $1,900s region, awaiting a decisive breakout above $2,000.
Shares of cryptocurrency-related companies, including Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closed up 3.39% and 1.15%, respectively.
Over $160 million was liquidated from the market in the last 24 hours, according to Coinglass, with $105 million worth of bullish long bets erased.
A further $500 million in Bitcoin longs on Binance risked liquidation if the apex cryptocurrency slides to $60,000.
Bitcoin’s open interest rose 1.38% over the past 24 hours, suggesting increased short buildup. That said, majority of Binance’s retail and whale investors were long BTC as of this writing.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.30 trillion, following a drop of 0.95% over the past 24 hours.
Stocks Reverse, Crude Oil Gains
Stocks pulled back on Thursday. The Dow Jones Industrial Average reversed 267.50 points, or 0.54%, to end at 49,395.16. The S&P 500 fell 0.28% to close at 6,861.89, while the tech-focused Nasdaq Composite dipped 0.31% to settle at 22,682.73.
Crude oil prices rose further amid rising geopolitical tensions between the U.S. and Iran. The U.S. West Texas Intermediate traded up 0.11% to $66.50 per barrel, gaining more than 6% in a week.
Speaking at the Board of Peace, Trump said the U.S. could “take it a step further — or not,” adding that markets should learn more about Iran within the next 10 days.
Spot gold rose 0.32% to $5,012 an ounce on safe haven demand, while spot silver traded flat.
Accumulating ETH Whales Show Conviction
Blockchain analytics firm CryptoQuant noted “no selling behavior” among Ethereum’s “accumulating” whales.
For CryptoQuant, these addresses represent a specific class of long term holders that have no outgoing transactions and hold a minimum balance.
“On the contrary, there is buying at lower prices, and this is why realized price bends downward. The accumulating whales’ trust in ETH still looks strong,” the research firm added.
Ali Martinez, widely followed cryptocurrency commentator, spotted Bitcoin’s consolidation within a descending channel, marking $67,000 as “resistance to clear” for a breakout.
Photo: KateStock / Shutterstock
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