Leading cryptocurrencies surged alongside stock futures on Sunday as a government shutdown looms large.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.49% | $112,276.74 |
|
Ethereum (CRYPTO: ETH) |
+3.07% | $4,133.03 |
| XRP (CRYPTO: XRP) | +2.43% | $2.86 |
| Solana (CRYPTO: SOL) | +3.64% | $209.47 |
| Dogecoin (CRYPTO: DOGE) | +2.98% | $0.2359 |
Overnight Surge After ETF Inflows Dried Up
Bitcoin rallied overnight, following days of sideways movement. The leading cryptocurrency's trading volume surged 35.73%, suggesting trader interest and buying momentum.
Ethereum also spiked, recouping some of its losses following a drop below $4,000 earlier in the week. The second-largest cryptocurrency remains down more than 16% from its all-time highs.
According to SoSo Value, Bitcoin spot-exchange traded funds saw over $900 million in outflows last week, breaking their 4-week strong inflow streak.
Nearly $260 million was liquidated from the cryptocurrency market in the last 24 hours, with short liquidations accounting for $190 million.
Bitcoin’s open interest rose 3.07% in the last 24 hours. Meanwhile, over 58% of Binance traders with open BTC positions were betting on a price increase.
The market sentiment shifted to the “Neutral” territory, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M)) | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Four (FORM) | +33.87% | $1.27 |
|
Zcash (ZEC) |
+21.30% | $65.94 |
| Ribbita by Virtuals (TIBBIR) | +20.55% | $0.2769 |
The global cryptocurrency market capitalization stood at $3.86 trillion, increasing by 2.08% in the last 24 hours.
Stock Futures Spike
Stock futures rallied overnight Sunday. The Dow Jones Industrial Average Futures climbed 80 points, or 0.17%, as of 9 p.m. EDT. Futures tied to the S&P 500 rose 0.22%, while Nasdaq 100 Futures added 0.28%.
The market is coming off a losing week for stocks, with the S&P 500 and the Nasdaq Composite sliding 0.25% and 0.73%, respectively.
According to the CME FedWatch tool, traders have priced in an 89% probability of a quarter-point rate drop at the Federal Reserve meeting next month.
Meanwhile, the Trump administration is preparing for a potential government shutdown, a move that could lead to mass layoffs of thousands of federal employees.
A 10% BTC Move On The Way?
Widely followed cryptocurrency analyst and trader Ali Martinez spotted a buy signal for Bitcoin through the TD Sequential indicator, with the last such occurrence driving the coin up to 10%.
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
Michaël van de Poppe, another well-known commentator, predicted a “Monday Morning sweep” for Bitcoin.
"I would expect this to happen where we’ll be sweeping the low to finalize the correction," he remarked. "Again, I think Q4 is going to be great. Q1 as well."
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