Leading cryptocurrencies plunged Sunday as geopolitical tensions soared in the Middle East following Hezbollah's missile attack on Israel.
| Cryptocurrency | Gains +/- | Price (Recorded 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -4.53% | $58,403.60 |
| Ethereum ETH/USD | -3.51% | $2,536.43 |
| Dogecoin DOGE/USD | -4.78% | $0.1009 |
What Happened: After moving sideways in the $60,000 zone for most of the weekend, Bitcoin began to retrace late in the afternoon. The leading cryptocurrency slipped below $59,000 as Hezbollah rained missiles on Israel after days of warnings and speculations over an imminent attack.
The second-largest cryptocurrency, Ethereum, also dipped below $2,600, though its pullback was less severe.
In the past 24 hours, 62,754 traders were liquidated, with the total liquidations at $161.83 million. About $124 million in bullish bets was wiped out.
Bitcoin's Open Interest fell nearly 3%. The drop in OI, coinciding with a drop in price, indicated the liquidation of bullish longs.
The market slipped back into the "Extreme Fear" mode, according to the Cryptocurrency Fear & Greed Index. This was a sign that investors were worried, potentially leading to a sell-off surge.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| MOG TRUMP (TRUMP) | +54.00% | $0.1464 |
| APX (APX) | +33.70% | $0.05258 |
| SuperRare (RARE) | +28.20% | $0.08676 |
The global cryptocurrency market stood at $2.05 trillion, declining 3.75% in the last 24 hours.
Stock futures edged lower Sunday evening. The Dow Jones Industrial Average Futures dropped 50 points, or 0.12%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 dipped 0.08%, while Nasdaq 100 Futures slid 0.01%.
The market hoped to recover from last week's downturn, precipitated by the unwinding of the Japanese yen "carry trade and fears of a slowdown in economic activity.
Investors would monitor key inflation-related data this week, as July’s producer price index and consumer price index were slated to be released.
According to CME's FedWatch tool, traders have priced in a 51% probability of the Federal Reserve lowering the interest rate during September's FOMC meeting.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency analyst Captain Rational stated that Bitcoin was still at a premium despite its downswings over the last week.
"All narratives in shambles, Bitcoin would be called a crash hitting 39,000, but anything above 38,000 is bullish from a 200-week moving average standpoint," the trader stated.
Another market analyst, Trader Fred, noted a "death cross" on Bitcoin's daily chart.
For the uninitiated, technical analysts view the death cross as a measure of recent price weakness.
"That's not good but let's not deny the possibility of it being a fake out," the trader cautioned.
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