The majority of cryptocurrencies are trading in the green today, but the situation remains relatively uncertain with Bitcoin testing $115K.
The broader cryptocurrency market remains relatively uncertain, although for the past 24 hours, it appears that the bulls might be having the upper hand.
The global tension, largely provoked by ongoing geopolitical conflicts and trade hurdles has surely had an impact, while the state of the US economy also seems to be a fundamental consideration behind the recent market moves in crypto.
The past 24 hours saw BTC’s price increase by around 0.8% and attack the $115,000 level yet again. The sellers attempted a push below $114,000, as CryptoPotato reported in yesterday’s market watch, but were unsuccessful.
Regardless, the volatility has been relatively minimal, particularly when speaking about Bitcoin, which is also reflected in the liquidations over the discussed period. BTC accounted for $18 million, while ETH took center stage and accounted for $50 million worth of liquidated positions.
Data from Coinglass shows that the total number is around $146 million, which is less than what’s typical, highlighting subdued trading activity across the derivatives markets over the past 24 hours.
It appears that the markets are consolidating and waiting for some sort of further clarity on the matter of tariffs, as well as the direction of the US Federal Reserve policy in regards to interest rates. Polymarket currently indicates a 79% chance of a 25 bps rate cut in September.
As you will notice in the cryptocurrency heatmap below, most of the altcoins are trading in the green. However, from the large caps, there is nothing too extraordinary.
As mentioned, ETH went through some volatility and, fortunately for the bulls, it resolved to the upside, gaining around 2.6% in the interim. DOGE, XLM, SUI, SOL, LINK, BNB, and pretty much all of the other leading altcoins are also gaining between 1% and 5%.
Out of the top 100 coins, the best performer is POL, which is up by 9%, followed by Ethena (ENA) with 8.3% and Mantle (MNT) with 5.8%.
