Leading cryptocurrencies declined alongside stocks on Thursday, while gold marched to new highs.
Crypto Investors In ‘Extreme Fear’
Bitcoin's descent continued as the apex cryptocurrency fell to $107,500, its lowest level in more than three months. Ethereum sank to an intraday low of $3,829.65 late afternoon but recovered to $3,940 overnight.
Selling pressure was high for the two assets, with Bitcoin’s volume dropping 22% and Ethereum’s falling 5% in the last 24 hours.
Liquidations hit $737 million in the last 24 hours, with over $530 million in bullish long positions wiped out from the cryptocurrency market, according to Coinglass.
Interestingly, Bitcoin's open interest rose 2.85% over the last 24 hours to $73 billion. A rise in open interest, coinciding with a price drop, typically indicates that traders are opening new short positions, anticipating further declines.
"Extreme Fear" sentiment was back in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$1B) | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| ChainOpera AI (COAI ) | +21.50% | $19.63 |
| PAX Gold (PAX) | +2.98% | $4,385.98 |
| Tether Gold (XAUt ) | +2.97% | $4,367.15 |
The global cryptocurrency market capitalization stood at $3.75 trillion, following a decrease of 2.24% in the last 24 hours.
Stocks Slide, Gold Hits New High
Stocks gave up gains on Thursday. The Dow Jones Industrial Average plunged 301.07 points, or nearly 0.7%, to close at 45,952.24. The S&P 500 lost 0.4% to end at 46,253.31, while the tech-focused Nasdaq Composite closed 0.25% lower at 22,562.54.
Yields on U.S. sovereign debt declined, with the benchmark 10-year Treasury yield falling to its lowest level since early April.
Meanwhile, gold continued its explosive rally, soaring to new highs at $4,379 per troy ounce.
Bitcoin Needs A Close Above $117,000, Analysts Say
In a note shared with Benzinga, analysts at cryptocurrency payment company B2BINPAY noted that trade tensions between the U.S. and China are "adding pressure" on the cryptocurrency market.
"Technically, Bitcoin is consolidating within a wide $108,000–$117,000 range," the analysts stated. "A daily close above $117,000 would confirm renewed strength and could pull the broader market higher."
On the other hand, Ethereum "must defend" $3,950–$4,050 and retake $4,150–$4,200 to regain momentum.
Blockchain analytics firm CryptoQuant highlighted that miners moved 51,000 BTC, worth over $5.7 billion, to Binance in the last seven days.
"The deposit of 51,000 Bitcoins within seven days represents a clear shift in miner behavior from holding to selling or liquidating. This typically puts pressure on the price, as miners are historically among the largest Bitcoin holders," CryptoQuant stated.
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