Leading cryptocurrencies fell alongside stocks on Tuesday as investors priced in new tariffs and weaker-than-expected economic data.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.96% | $113,860.84 |
|
Ethereum (CRYPTO: ETH) |
-2.95% | $3,585.53 |
| Dogecoin (CRYPTO: DOGE) | -5.68% | $0.1978 |
| XRP (CRYPTO: XRP) | -5.01% | $2.93 |
| Solana (CRYPTO: SOL) | -3.91% | $162.79 |
Sentiment Switches From Greed To Neutral
Bitcoin tumbled to $112,700 in the morning hours, but rallied overnight to the high $113,00s. Trading volume spiked nearly 13%, suggesting significant sell pressure.
Ethereum recorded a steeper decline, falling to an intraday low of $3,547.62, amid a 9.62% jump in volumes.
Bitcoin's dominance narrowed to 61.2% while Ethereum's market share rose to 11.7%.
XRP, the third-largest cryptocurrency by market capitalization, tumbled below $3, losing over 5% in the last 24 hours.
Nearly $358 million was liquidated from the cryptocurrency market in the last 24 hours, with $268 million in bullish longs wiped out. .
Bitcoin's open interest dipped 0.31% in the last 24 hours, although the majority of Binance Futures traders were positioned long, according to the Long/Short ratio.
The market sentiment flipped from "Greed" to "Neutral," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
|---|---|---|
| Memecore (M) | +28.52% | $0.5738 |
|
Mantle (MNT) |
+15.64% | $0.823 |
| Litecoin (LTC) | +9.08% | $121.21 |
The global cryptocurrency market capitalization stood at $3.71 trillion, gaining 2.70% in the last 24 hours.
Semiconductor Stocks Pressured
Stocks edged lower on Tuesday. The Dow Jones Industrial Average slid 61.90 points, or 0.14%, to end at 44,111.74. The S&P 500 dipped 0.49%, finishing at 6,329.94, while the tech-focused Nasdaq Composite lost 1.95% to settle at 21,053.58.
Trump said in a CNBC interview that a new semiconductor tariff plan could be announced next week, sending stocks like Nvidia Corp. (NASDAQ:NVDA) and Advanced Micro Devices Inc. (NASDAQ:AMD) lower.
Weak macroeconomic sentiment weighed on the market, following a worse-than-expected July jobs report.
Analyst Expects Deeper Correction
Widely followed cryptocurrency analyst and trader Ali Martinez flagged $111,000 as a "critical support" for Bitcoin.
"If it breaks, the next key demand zone sits around $90,000, according to the Pricing Bands," Martinez added.
Michaël van de Poppe, another popular market commentator, said it''s "very likely" that Bitcoin would dip to a new low before a reversal.
"The trend remains to be downwards, which means that it’s buy the dip season," the analyst remarked.
Photo Courtesy: Yalcin Sonat On Shutterstock.com
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