Leading cryptocurrencies fell alongside stocks on Thursday as the chip selloff and Iran tensions impacted risk appetite.
Crypto Market Breaks Lower
Bitcoin retreated to the $63,000 zone after consolidation, while Ethereum tumbled to an intraday low of $1,848. XRP and Dogecoin also edged lower.
More than $320 million in cryptocurrency positions were liquidated over the past 24 hours, including $276 million in bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 2.73% over the last 24 hours. That said, smart money sentiment on Binance, which refers to the collective outlook and capital allocation of institutional investors, remained “Bullish.”
Market sentiment switched from “Extreme Fear” to “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.22 trillion, representing a slight increase of 0.14% over the last 24 hours.
Stock Market Spooked After Chip Selloff
Stocks sold off sharply on Thursday. The Dow Jones Industrial Average lost 105.67 points, or 0.20%, to close at 52,552.97. The S&P 500 fell 0.51% to end at 7,533.77, while the tech-heavy Nasdaq Composite shed 1.47% to settle at 25,881.95.
In other news, White House Press Secretary Karoline Leavitt said Iran “very much continues to talk” and expressed willingness to make a deal with the U.S.
Where Are BTC, ETH Headed?
Michaël van de Poppe, a popular cryptocurrency commentator, maintained a bullish stance on Bitcoin, stating that despite a recent correction, it looks primed for “upside momentum.”
“Clear breakthrough above $65,000, and we’re still going to see a strong run,” Van De Poppe added.
Ali Martinez, a widely followed cryptocurrency analyst and trader, said that Ethereum has reclaimed the 0.8 Market Value to Realized Value Pricing Band as support. This key level has preceded strong rallies in the past.
“If history rhymes once again, the next key level to watch is the Realized Price at $2,24,” Martinez stated.
Photo: KateStock / Shutterstock
