Leading cryptocurrencies fell on Tuesday, while stocks surged to record highs, ahead of the Federal Reserve’s widely anticipated interest rate cut.
Bitcoin Fails To Move Past $116,000
Bitcoin recorded another day of significant trading activity, with volumes surging 11% in the last 24 hours. The coin rose to an intraday high of $116,078, before falling back to the $112,000 level.
Ethereum sank below $4,000, failing to capitalize on its gains on Sunday. XRP and Solana also declined.
About $400 million in bullish longs were liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass.
That said, nearly $580 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $117,000.
Bitcoin’s open interest fell 2.10% in the last 24 hours, although more than 60% of Binance traders with open BTC positions expected the price to rise, according to the Long/Short ratio.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $3.78 trillion, falling by 1.91% in the last 24 hours.
Stocks Surge As Nvidia Takes Stake In Nokia
Stocks rose further to reach fresh highs on Tuesday. The Dow Jones Industrial Average rallied 161.78 points, or 0.34%, to finish at 47,706.37. The S&P 500 spiked 1.23% to close at 6,875.16, while the tech-focused Nasdaq Composite closed up 0.80% to end at 23,827.49.
Big-ticket names like Nvidia Corp. (NASDAQ:NVDA) led the charge, jumping nearly 5% after the artificial intelligence giant agreed to invest $1 billion for a 2.9% stake in Nokia Corp. (NYSE:NOK). Nvidia also introduced the NVIDIA Arc Aerial RAN Computer, a 6G-ready telecommunications computing platform.
Additionally, the AI darling announced a partnership with CrowdStrike Holdings Inc. (NASDAQ:CRWD) to develop cybersecurity AI agents.
High expectations from Thursday’s meeting between President Donald Trump and Chinese President Xi Jinping, combined with a nearly 100% odds of the Federal Reserve announcing a rate cut, added to the bullish sentiment.
Can Bitcoin Reach $143,000?
Widely followed cryptocurrency analyst Ali Martinez said that Bitcoin needs to break $120,000 to “open the path” toward $143,000, referencing the Market Value To Realized Value Extreme Deviation Pricing Bands.
The bands measure statistically significant deviations from Bitcoin’s historical average price to identify potential market tops and bottoms.
On-chain analytics firm CryptoQuant stated that the market appears to be in a “relatively small” correction phase, and a surge in altcoins is likely to occur alongside “intense overheating” at the end of the cycle.
“The probability that the current bullish cycle has already ended remains low,” CryptoQuant added.
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BTCGrayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest$50.10-1.57%Overview$BTCBitcoin – United States dollar$112537.99-0.33%$DOGEDogecoin – United States dollar$0.19390.11%$ETHEthereum – United States dollar$3987.460.18%$SOLSolana – United States dollar$194.700.25%$XRPRipple – United States dollar$2.630.83%CRWDCrowdStrike Holdings Inc$546.403.15%NOKNokia Oyj$7.9625.2%NVDANVIDIA Corp$204.436.76%Market News and Data brought to you by Benzinga APIs
