Leading cryptocurrencies extended losses Monday, mirroring the stock rout, as investors get jittery over recession concerns.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | -4.54% | $76,982.36 |
| Ethereum ETH/USD | -9.88% | $1,821.41 |
| Dogecoin DOGE/USD | -11.00% | $0.1478 |
What Happened: Bitcoin sank below $77,000 to hit a four-month low. The leading cryptocurrency was down 29% from its all-time high, wiping away nearly all of the gains since Trump's victory in the presidential elections.
Ethereum slipped below $1,800, its lowest since October 2023. Year-to-date, the second-largest cryptocurrency has plunged over 45%.
The downturn comes despite President Donald Trump signing an executive order for a Strategic Bitcoin Reserve last week.
About $926 million was liquidated from the cryptocurrency market in the last 24 hours due to the slump, with $742 million in long positions getting erased.
That said, Bitcoin's recovery to $85,000 would liquidate about a billion in short positions.
Bitcoin's Open Interest fell 3.83% over the last 24 hours, while the number of traders positioned short on the asset soared to 52% of the total.
The Crypto Fear and Greed Index remained in the "Extreme Fear" zone, signaling anticipation of further downsides.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Movement (MOVE) | +7.89% | $0.4805 |
| MANTRA (OM) | +2.79% | $6.25 |
| Mantle (MNT) | +2.46% | $0.6795 |
The global cryptocurrency market capitalization stood at $2.54 trillion, contracting 4.25% in the last 24 hours.
Stocks came crashing down Monday. The Dow Jones Industrial Average tumbled 890 points, or 2.08%, to close at 41,911.71. The S&P 500 slipped 2.69%, ending at 5,614.56, while the tech-heavy Nasdaq Composite plunged 4% to close at a six-month low of 17,468.32.
Concerns over the U.S. economy weighed on the market after Trump seemed to acknowledge the possibility of a U.S. recession in an interview over the weekend.
See More: Best Cryptocurrency Scanners
Analyst Notes: Well-known on-chain analytics firm CryptoQuant assessed whether the prevailing market phase was the beginning of a bear or bull dip.
"In a typical bull market, people move their sats in profit, resulting in an SOPR greater than 1, unlike in a bear market. From this perspective, the bull market still seems to be in play," the firm said, referring to the Spent Output Profit Ratio, a metric used to measure the profitability of transactions.
CryptoQuant also noted that the funding rates still resembled the 2020-21 bull market pattern.
Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and Chief Investment Officer at Maelstrom Fund, urged his followers to remain patient.
"BTC likely bottoms around $70,000. 36% correction from $110,000 ATH, v normal for a bull market," Hayes said.
Hayes urged that risk-averse investors wait until the central bank eases monetary policy before deploying capital.
Photo by Avi Rozen on Shutterstock
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