Leading coins diverged from stocks on Monday as ‘Fear’ sentiment gripped the cryptocurrency market.
Crypto Liquidations Hit $1.5 Billion
Bitcoin fell below $113,000 and spent the rest of the day in the $112,000 region. Bitcoin spot exchange-traded funds recorded net outflows of over $360 million on Sept. 22, according to SoSo Value.
Similarly, Ethereum plunged to an intraday low of $4,092.40 and wobbled in the $4,100-$4,200 zone.
Bitcoin and Ethereum, which reached all-time highs last month, are down 9.59% and 15.6%, respectively, since their peak.
Liquidations in the last 24 hours hit $1.5 billion, with $1.34 billion in long positions wiped out.
Bitcoin’s open interest dipped by 1% in the last 24 hours, while funds locked in Ethereum derivatives plunged 7%. Interestingly, the percentage of Binance traders going long on Bitcoin increased to 59% from 55%, according to the Long/Short Ratio.
“Fear” sentiment gripped the cryptocurrency market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.89 trillion, following a contraction of 3.09% in the last 24 hours.
Nvidia Strengthens Rally In Stocks
Stocks clocked fresh highs on Monday. The Dow Jones Industrial Average rose 66.27 points, or 0.14%, to settle at 46,381.54. The S&P 500 climbed 0.44% to finish at 6,693.75, while the tech-heavy Nasdaq Composite rallied 0.70% to finish at 22,788.98.
The rise was fueled by Nvidia Corp. NVDA, whose shares rose 3.93% after the chipmaker announced an investment of up to $100 billion in OpenAI.
Investors will keep an eye on the personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, which is set to be released on Friday, for indications regarding monetary policy.
Will Bitcoin Dip Below $107,000?
Bitcoin has spent the early week trapped between $112-113,000, with volatility limited to a $107,000 downside liquidation pool and a $118-122,00 upside cluster, on-chain analytics firm CryptoQuant noted.
CryptoQuant said that “hot labor and sticky inflation” could drag BTC below $107,000. On the other hand, a softer print could push it to the range between $118,000 and $122,000.
Widely followed stock and cryptocurrency market analyst Heisenberg, highlighted a crucial $3,900-$4,100 support zone for Ethereum, adding that maintaining this level is essential for bullish momentum.
Read Next:
Bitcoin’s $1 Billion Liquidation Tsunami: Just Another Dip Or Is The Bull Run Over?
Photo Courtesy: Volodymyr Maksymchuk on Shutterstock.com
BTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest$49.90-2.12%Overview$BTCBitcoin – United States dollar$112564.77-0.15%$DOGEDogecoin – United States dollar$0.2395-0.81%$ETHEthereum – United States dollar$4185.32-0.40%$SOLSolana – United States dollar$217.62-1.34%$XRPRipple – United States dollar$2.84-0.60%NVDANVIDIA Corp$182.603.36%Market News and Data brought to you by Benzinga APIs
