Leading cryptocurrencies fell on Monday amid speculation that the Trump administration may have a “shadow Fed" before the term of Federal Reserve Chair Jerome Powell ends.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.15% | $107,374.79 |
|
Ethereum (CRYPTO: ETH) |
-0.46% | $2,495.63 |
| Dogecoin (CRYPTO: DOGE) | -2.05% | $0.1656 |
What Happened: Bitcoin tumbled to $106,759.65 in the early trading hours before settling to around $107,000 for the rest of the day. Trading volume spiked 13.33%, suggesting that sell pressure was high. Ethereum oscillated in the $2,400 range, with the occasional jump to $2,520.
Overall, the two blue-chip currencies delivered handsome returns during the second quarter. While Bitcoin jumped by 29.74%, Ethereum gained 36.78%, reversing its first-quarter downsides.
Moreover, Bitcoin's dominance rose from 61.3% to 64.5% during the quarter, while that of Ethereum increased from 8.2% to 9.1%.
Meanwhile, more than $185 million was liquidated from the cryptocurrency market in the last 24 hours, the majority of it being bullish long positions.
Bitcoin’s open interest fell 3.18% in the last 24 hours, although it surged nearly 30% during the second quarter.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:30 p.m. ET) |
|---|---|---|
| Bitcoin Cash (BSH) | +4.28% | $521.60 |
|
Algorand (ALGO) |
+3.79% | $0.191 |
| Monero (XMR) | +2.65% | $320.70 |
The global cryptocurrency market capitalization stood at $3.31 trillion, following a modest drop of 0.71% in the last 24 hours.
Stocks ended the first half of 2025 on a high. The Dow Jones Industrial Average rose 275.50 points, or 0.63%, to end at 44,094.77. The S&P 500 added 0.52% to post another record close at 6,204.95. The tech-heavy Nasdaq Composite gained 0.47% to notch a new record high at 20,369.73.
The U.S. equity market made a strong comeback in the second quarter, with the S&P 500 and the Dow notching surges of 10.5% and 4.9%, respectively.
Treasury Secretary Scott Bessent said that the administration could nominate a replacement for Jerome Powell as early as October, raising the prospect of a "shadow Fed," amid President Donald Trump's ongoing conflict with the incumbent Federal Reserve Chair over interest rates.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez alerted bullish traders about Bitcoin's potential rejection, supported by a Stochastic RSI “death cross."
"A move back to $100,000 is possible unless we get a sustained close above $109,000," Martinez stated.
A death cross is a bearish chart pattern that occurs when a security’s short-term moving average drops below its longer-term moving average.
Widely followed cryptocurrency analyst Ali Martinez flagged $2,200 as the "most critical support" for Ethereum, failing to hold which could trigger a drop to $1,160.
Photo: Antonio Gravante On Shutterstock.com
Read Next:
