Leading cryptocurrencies fell alongside stock futures on Sunday, as investors digested the Federal Reserve’s 25-basis-point rate cut.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:10 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.01% | $114,547.25 |
| Ethereum (CRYPTO: ETH) | -3.09% | $4,351.52 |
| XRP (CRYPTO: XRP) | -2.32% | $2.92 |
| Solana (CRYPTO: SOL) | -3.19% | $233.10 |
| Dogecoin (CRYPTO: DOGE) | -6.95% | $0.2503 |
Crypto Market In ‘Fear’
Bitcoin dived below $115,000 overnight, breaking below its seven-day simple moving average. The trading volume rose 12.53% to $25.47 billion in the last 24 hours.
Ethereum also plunged to a low of $4,328 in overnight trading, while trading volume spiked 27%.
Both market heavyweights have delivered a strong third quarter so far, posting returns of 7.67% and 74.4%, respectively, surpassing their average gains for the period.
Over $520 million was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $449 million.
Bitcoin’s open interest dropped 0.95% in the last 24 hours to $82.80 billion. The majority of Binance futures traders with open BTC positions were still long on the leading cryptocurrency.
The market slipped into the "Fear" zone from "Neutral," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M)) | Gains +/- | Price (Recorded at 9:10 p.m. ET) |
|---|---|---|
| Dohrnii (DHN) | +43.62% | $5.86 |
| APX (APX) | +40.45% | $0.2769 |
| Toshi (TOSHI) | +39.17% | $2.32 |
The global cryptocurrency market capitalization stood at $4.01 trillion, following a drop of 0.68% in the last 24 hours.
Stocks Futures Dip
Stock futures ticked lower overnight Sunday. The Dow Jones Industrial Average Futures fell 81 points, or 0.17%, as of 8:38 p.m. EDT. Futures tied to the S&P 500 dipped 0.09%, while Nasdaq 100 Futures slid 0.03%.
Precious metals moved the other way, with Spot gold rising 0.58% to an all-time high of $3,727 per ounce, and spot silver gaining 0.08% to $43.1163 per ounce.
The market is coming off a strong week, with the Nasdaq Composite and Dow surging 1.49% and 0.73%, respectively, buoyed by the Federal Reserve’s quarter-point interest rate cut.
This week, the personal consumption expenditures price index, considered the Fed's preferred inflation gauge, will be in the spotlight.
Bitcoin To Hit $150,000 In Q4?
Widely-followed cryptocurrency analyst and trader Michaël van de Poppe said he "wouldn’t be surprised" with a 1-2 week correction before rallying again.
"Be flexible, have liquidity on the sidelines to be buying the dip on BTC & ETH," Van De Poppe said.
Ted Pillows, angel investor and cryptocurrency market observer, echoed these forecasts, anticipating a 10%-15% correction that will "flush out greedy longs" in Bitcoin.
"Once that happens, $150,000 BTC will happen by Q4 end," the analyst added.
Read Next:
- Mexican Billionaire, Who Set Up One of the Nation’s Top Banks, Called Dollar-Like Fiat Money The ‘Biggest Fraud’ And Sees Bitcoin As The Only Escape
Photo Courtesy: Jade ThaiCatwalk on Shutterstock.com
