Leading cryptocurrencies pared early losses on Monday as DeepSeek concerns weighed on risk-on markets.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | –0.22% | $102,161.99 |
| Ethereum ETH/USD | -1.72% | $3,173.62 |
| Dogecoin DOGE/USD | -0.03% | $0.3339 |
What Happened: Bitcoin slipped below $98,000 in the early morning hours before reclaiming the $102,000 level by evening. The leading cryptocurrency navigated choppy waters for most of the day.
Ethereum rose from $3,024 to $3,230 but fell back to the upper $3,100 range late in the evening.
Nearly $700 million was liquidated from the cryptocurrency market over the last 24 hours, with long positions accounting for $537 million.
About $900 million in upside bets risked liquidation if Bitcoin drops to $95,000.
That said, around 58% of traders on Binance were positioned for Bitcoin's price increases, according to the Long/Short ratio, signaling expectations of a rebound.
Bitcoin's Open Interest rose marginally by 0.15% in the last 24 hours.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| DeXe (DEXE) | +10.03% | $21.58 |
| Hyperliquid (HYPE) | +6.77% | $23.53 |
| Jupiter (JUP) | +6.26% | $1.12 |
The global cryptocurrency market capitalization stood at $3.49 trillion, falling 0.29% in the last 24 hours.
Major stock averages tanked on Monday. The Nasdaq Composite slid 3.07% to end at 19,341.83. The S&P 500 fell 1.46% to 6,012.28. The Dow Jones Industrial Average was the outlier, gaining 0.65% to close at 44,713.58.
Tech stocks were battered, with AI juggernaut Nvidia Corp. NVDA shedding 17% of its market value on Monday, its worst single-day loss ever.
The slump was precipitated by the rise of China's cost-effective DeepSeek AI model, challenging the high-cost strategies employed by U.S. tech giants.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted that Bitcoin completed its first price discovery uptrend and its first price discovery correction.
"History suggests over the next two weeks… Bitcoin should be able to embark on its second price discovery uptrend to new highs," the analyst projected.
On-chain analytics firm CryptoQuant highlighted a strong correlation between Bitcoin and U.S. stocks.
"In 2024, BTC and the Nasdaq exhibited a historically strong correlation, which has reached unprecedented high levels today. A similar trend can be observed with the S&P 500, although there have been brief periods of decoupling," CryptoQuant noted.
The increasing correlation suggested Bitcoin's appeal more as a traditional asset class than a hedge of inflation.
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