Leading cryptocurrencies slid alongside stocks on Monday after President Donald Trump floated full U.S. control over the Strait of Hormuz and a reimbursement fee on all cargo passing through.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.10% | $62,405.07 |
| Ethereum (CRYPTO: ETH) | -1.98% | $1,782.82 |
| XRP (CRYPTO: XRP) | -2.02% | $1.06 |
| Solana (CRYPTO: SOL) | -2.58% | $75.26 |
| Dogecoin (CRYPTO: DOGE) | -1.54% | $0.07207 |
Increased Selling Pressure
Bitcoin tumbled below $62,000 as trading volume doubled over the last 24 hours to $37.15 billion.
Ethereum also experienced high volatility, with the second-largest cryptocurrency fluctuating between a low of $1,749.35 and a high of $1,812.94. XRP and Dogecoin extended their losses.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 2.68% and 2.47%, respectively.
Over $360 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data
Bitcoin’s open interest, meanwhile, rose 2.24% over the last 24 hours. An increase in open interest combined with a price decrease indicates a short build-up, meaning new traders are actively shorting the asset.
"Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| Velvet (VELVET) | +18.89% | $0.5902 |
| eCash (XEC) | +14.44% | $0.000006511 |
| Beldex (BDX) | +12.35% | $0.09372 |
Stocks Stutter On Iran Developments
Stocks ended in the red on Monday. The Dow Jones Industrial Average slid 138.37 points, or 0.26%, to close at 52,498.64. The S&P 500 lost 0.79% to end at 7,515.34, while the tech-heavy Nasdaq Composite dipped 1.55% to finish at 25,873.18.
Tensions worsened after Trump reinstated the blockade of Iranian ships passing through the Strait of Hormuz. He also stated that the U.S. is considering taking control of the critical oil shipping point permanently in exchange for a 20% fee on cargo.
Whales Are Scooping Bitcoin?
Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted that Bitcoin’s Accumulation Trend Score—an indicator measuring whether entities are buying or selling BTC—has stayed near 1 since June.
“A reading near 1 suggests that whales—or a large share of the network—are actively accumulating Bitcoin,” the analyst added.
On-chain analytics firm Santiment reported that the top 100 Tether (CRYPTO: USDT) holders Control 0.6% less of the supply than three months ago, while the top 100 USDC (CRYPTO: USDC) holders are down 4.7%.
“A healthier distribution of USDT and USDC can make crypto markets more resilient,” Santiment added. “Rather than idle capital waiting for a few whales to act, it’s a sign that stablecoin firepower is becoming more decentralized.”
Photo: KateStock / Shutterstock
Login to comment