Leading cryptocurrencies corrected on Monday, while stocks rallied, as investors braced for the Federal Reserve’s decision on rate cuts and President Donald Trump’s meeting with Chinese President Xi Jinping.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.69% | $114,227.40 |
|
Ethereum (CRYPTO: ETH) |
-1.26% | $4,128.48 |
| XRP (CRYPTO: XRP) | -0.39% | $2.64 |
| Solana (CRYPTO: SOL) | -1.92% | $200.38 |
| Dogecoin (CRYPTO: DOGE) | -3.20% | $0.2009 |
Cryptos Give Up Gains
Bitcoin failed to hold on to its Sunday gains, retreating back to the $114,000 range. Trading volume, meanwhile, jumped 35% in the last 24 hours, indicating high selling pressure.
Ethereum also corrected, down 1.26% in the 24-hour period, while the token's trading volume lifted 27%. XRP and Solana also retraced.
Cryptocurrency liquidations hit $307 million in the last 24 hours, with more than $190 million in long positions wiped out, according to Coinglass.
Bitcoin's open interest fell marginally by 0.10%, although the majority of Binance traders with open BTC positions remained long as of this writing.
The market remained in a "Neutral" state, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Official Melania Meme (MELANIA ) | +31.70% | $0.1328 |
|
Ribbita by Virtuals (TIBBIR) |
+13.77% | $0.4311 |
| BitMart Token (BMX ) | +13.58% | $0.5292 |
The global cryptocurrency market capitalization stood at $3.86 trillion, contracting by 0.75% in the last 24 hours.
Stocks At Record Highs
Stocks set new highs on Monday. The Dow Jones Industrial Average climbed 337.47 points, or 0.71%, to close at 47,544.59. The S&P 500 rallied 1.23% to 6,875.16, while the tech-heavy Nasdaq Composite closed up 1.86% to 23,637.46.
The market surged as investors grew optimistic that Trump and Xi would extend their trade truce during a high-stakes meeting in South Korea on Thursday.
Moreover, chances of the Federal Reserve announcing a 25 basis point rate cut in the meeting later this week rose to 97%, according to the CME FedWatch tool, adding to the bullish sentiment.
Bitcoin Poised For New Highs Despite Correction?
Michaël van de Poppe, a well-known analyst and trader, said that Bitcoin is undergoing a pre-FOMC correction.
"Retest of the $112,000 area wouldn’t be bad. After that –> onwards to a new ATH," the analyst predicted.
Widely followed cryptocurrency commentator Ted Pillows highlighted "decent" buy bids at $4,050–$4,100 and a resistance at $4,300 for Ethereum on Binance.
"If bulls are able to reclaim that zone [$4,300], expect another fast move to the upside," Pillows projected.
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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