Leading cryptocurrencies strongly rebounded Sunday, owing to what appeared to be a bullish bias toward presidential candidate Donald Trump surviving an assassination attempt.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin BTC/USD | +2.48% | $60,940.25 |
| Ethereum ETH/USD | +2.48% | $3,257.69 |
| Dogecoin DOGE/USD | +2.41% | $0.1139 |
What Happened: Bitcoin rallied to a 10-day high of $61,300, as the world woke up to the news of ex-President Donald Trump escaping an attempt at his life at a campaign rally. The second-largest cryptocurrency, Ethereum, also spiked to a 10-day high of $3,280.
In the past 24 hours, 36,505 traders were liquidated, with total liquidations at $94.39 million. More than $70 million in downside bets were wiped out.
The rally caused a 2.87% uptick in funds invested in Bitcoin's derivatives contracts. Such a scenario typically signals bullish sentiment in the market.
Moreover, the number of traders placing bullish long bets for the cryptocurrency surged dramatically compared to those taking bearish short bets in the last 24 hours.
The Cryptocurrency Fear & Greed Index improved to "Neutral" as of this writing after days of enduring the "Fear" sentiment.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Mog Coin (MOG) | +12.80% | $0.0000019 |
| Pendle (PENDLE) | +11.99% | $4.26 |
| Bittensor (TAO) | +8.99% | $281.37 |
The global cryptocurrency market cap stands at $2.23 trillion, following an increase of 1.81% in the last 24 hours.
Stock futures inched higher during overnight trading hours. The Dow Jones Industrial Average Futures gained 60 points, or 0.16%, as of 8:30 p.m. EDT. Futures tied to the S&P 500 rose 0.15%, while Nasdaq 100 Futures surged 0.21%.
Major equity indices finished another bullish week, with the Dow and the broader market index, the S&P 500, bumping to record highs.
Investors will closely monitor the developments surrounding Trump's assassination bid and its likely impact on the markets.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular on-chain analytics firm Santiment interpreted the rally as the market's "bullish bias" toward a pro-Trump development.
"It goes without saying that surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred as a result," Santiment noted.
The firm forecasted that developments around U.S. politics will continue to influence the market, at least for the rest of the year.
Prominent cryptocurrency analyst Ali Martinez predicted a retest of $59,200 by Bitcoin before rising to $63,800.
Another widely-followed analyst, Rekt Capital, stated that a weekly close above $60, 750 would render last week's downside a false breakdown.
Read Next:
Photo courtesy: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
