Leading cryptocurrencies took a U-turn on Monday, while stocks closed at new records, as the White House confirmed that President Donald Trump discussed Iran’s new proposal to end the war.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.21% | $77,290.59 |
| Ethereum (CRYPTO: ETH) | -3.24% | $2,385.89 |
| XRP (CRYPTO: XRP) | -2.80% | $1.39 |
| Solana (CRYPTO: SOL) | -3.04% | $84.78 |
| Dogecoin (CRYPTO: DOGE) | -0.44% | $0.09923 |
Crypto Market Corrects
Bitcoin pulled back sharply after Sunday’s spike, facing intense selling pressure as 24-hour trading volumes surged 44%.
Ethereum fell to an intraday low of $2,267 after breaking $2,400 the day before. Dogecoin and XRP also retreated.
Shares of Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 1.06% and 1.53%, respectively.
Over $330 million was liquidated in the past 24 hours, predominantly in bullish long positions, according to Coinglass data.
Open interest in Bitcoin futures fell 1.03% over the last 24 hours. Sentiment among Binance derivatives traders remained bearish, with more short positions vis-à-vis longs.
Market sentiment flipped from “Neutral” back to “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
| Onyxcoin (XCN) | +23.10% | $0.005838 |
| Pudgy Penguins (PENGU) | +10.88% | $0.01025 |
| Terra Classic (LUNC) | +7.93% | $0.00006648 |
The global cryptocurrency market capitalization stood at $2.64 trillion, following a spike of 1.93% over the last 24 hours.
Major Indexes Rally To Record Highs
Stocks were a mixed bag on Monday. The Dow Jones Industrial Average slid 62.92 points, or 0.13%, to end at 49,167.79. The S&P 500 rose 0.12% to close at a new record high of 7,173.91, while the tech-heavy Nasdaq Composite added 0.20%, also hitting a record close at 24,887.10.
The White House confirmed that Trump discussed with his national security team a "new" proposal by Iran for ending the war.
"I wouldn’t say they’re considering it. I would just say that there was a discussion this morning that I don’t want to get ahead of, and you’ll hear directly from the president," White House Press Secretary Karoline Leavitt said.
No confirmation from Iran on the proposal has come thus far.
Meanwhile, oil prices continued to climb. The United States Oil Fund (NYSE:USO), which tracks WTI crude oil, closed up 1.75% at $134.62 on Monday.
Ethereum’s Key Support Zone
Widely followed cryptocurrency analyst and trader Ali Martinez stated that Ethereum sits on a "significant support zone" between $2,277 and $1,980, citing the Unspent Transaction Output Realized Price Distribution indicator.
The metric shows the price at which the current set of Ethereum supply was created or last moved.
"I call this ‘The Market’s Memory' because it shows us exactly where the ‘Buy Walls' are," Martinez added.
As for Bitcoin, Martinez identified a new Morning Star candlestick pattern on the coin's monthly chart.
The Morning Star candlestick pattern typically appears at the bottom of a downtrend, signaling a potential shift from selling pressure to buying momentum.
"As long as we stay above the ‘star' candlestick low near $73,000, the structural bias is firmly to the upside," the analyst said.
Photo: KateStock / Shutterstock
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