The cryptocurrency market rebounded from its earlier slump Monday, even as fears of the sale of seized Bitcoin by the German government loom large.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin BTC/USD | +2.35% | $56,494.81 |
| Ethereum ETH/USD | +4.36% | $3,021.03 |
| Dogecoin DOGE/USD | +2.71% | $0.1068 |
What Happened: Bitcoin remained choppy throughout the day, dropping below $56,000 during early trading hours before recovering as the day progressed.
Ethereum also made an enthusiastic recovery since the morning drop, gaining more than 4% in the last 24 hours.
The bounce resulted in $356.37 million in liquidations in the last 24 hours, with $212 million in downside bets getting wiped out.
The Open Interest in Bitcoin futures rose marginally, by 0.81%, in the last 24 hours, signaling an influx of fresh money into the speculative market. Ethereum's Open Interest rose 3.32%, marking a bullish sentiment.
More than 50% of the market was bullish on Bitcoin's potential as of this writing, with 28% bearish, and 21% staying neutral.
Earlier in the day. German authorities moved Bitcoins worth more than $600 million to exchanges and market makers
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Celestia (TIA) | +16.78% | $6.01 |
| Bonk (BONK) | +13.33% | $0.00002395 |
| Notcoin (NOT) | +13.05% | $0.01619 |
The global cryptocurrency market cap stands at $2.08 trillion, following a 1.67% increase in the last 24 hours.
Stocks surged Monday, closing the trading session at record highs. The S&P 500 lifted 0.1% to close at 5,572.85, while the tech-heavy Nasdaq Composite jumped 0.28% to end at 18,403.74. The Dow Jones Industrial Average, however, finished 0.08% lower at 39,344.79.
Key inflation data, such as the consumer price index for June, is set to be released Thursday, providing investors guidance on the probability of rate cuts by the Federal Reserve later this year. The producer price index data will be out Friday.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular on-chain analytics firm CryptoQuant stated that Bitcoin might be nearing its bottom, based on the inferences from the Spent Output Profit Ratio indicator.
The firm stated that the SOPR pattern was similar to September of last year, after which Bitcoin embarked on an uptrend.
A widely followed analyst on X, The Long Investor, stated that the ongoing retrace is healthy for the market.
"BTC went from $15,000 in November ’22 to $73,700 in March ’24, in a 16-month bull run and made a new ATH. When something runs 490%, please acknowledge that a pull back is healthy," the analyst argued.
Photo by Igor Faun on Shutterstock
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