Leading cryptocurrencies remained flat on Monday, while stocks rose in response to President Donald Trump’s tariff respite for technology products.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | 0.01% | $84,785.75 |
| Ethereum ETH/USD | 0.78% | $1,631.31 |
| Dogecoin DOGE/USD | -3.73% | $0.1579 |
What Happened: Bitcoin chopped between $84,000 and $85,000 throughout the day, with the intraday peak of $85,785.00 set in the early trading hours.
Ethereum stagnated in the $1,600 range, prolonging investors' wait for an upside breakout to $1,700.
The two heavyweights have diverged this month. While Bitcoin has gained 2.58% since the beginning of April, Ethereum has fallen 11% in the same period.
Over $213 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for $120 million.
Bitcoin’s Open Interest rose by 0.53% in the last 24 hours, matching its spot price movement. Meanwhile, the Long/Short Ratio on Binance dropped further, suggesting higher hopes of a downside breakout.
The market mood remained in "Fear," according to the Crypto Fear and Greed Index, although the intensity weakened from yesterday.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Fartcoin (FARTCOIN) | 14.48% | $0.9176 |
| Kaspa (KAS) | 7.68% | $0.07853 |
| Raydium (RAY) | 5.89% | $2.01 |
The global cryptocurrency market capitalization stood at $2.68 trillion, following a marginal drop of 0.18% in the last 24 hours.
The latest spike followed Trump's exemptions on consumer electronics and semiconductors, including those from China, from reciprocal tariffs, providing temporary relief to tech behemoths like Apple Inc. AAPL and Nvidia Corp. NVDA.
Stocks rose during Monday's trading session. The Dow Jones Industrial Average jumped 312.08 points, or 0.78%, to end at 40,524.79. The S&P 500 gained 0.79% to 5,405.97, while the tech-focused Nasdaq Composite added 0.64% to close at 16,831.48.
The market gave a thumbs-up to Trump's exemption of technology products such as smartphones, computers, and semiconductors from the new reciprocal tariffs, including those from China.
However, Commerce Secretary Howard Lutnick indicated later that these electronics exemptions are temporary, and further tariffs could follow soon.
See More: Best Cryptocurrency Scanners
Analyst Notes: In a note to Benzinga, Chris Kline, COO and co-founder of BitcoinIRA, said that Bitcoin was demonstrating market strength, and its price action around $85,000 has reignited conversations about a "proper decoupling" from stocks.
Kline also delved into taxes and tariffs.
"While tax season is upon us, most Americans are focused on tariffs," he said. "The reality is that this new policy from the administration is poised to maximize external revenue sources, which will allow a new tax structure for most Americans in 2025."
Widely followed cryptocurrency analyst Ali Martinez identified $82,024 as a crucial support for Bitcoin, where more than 96,500 BTCs were previously bought.
"A level worth watching closely," Martinez stated.
Photo Courtesy: Yalcin Sonat on Shutterstock.com
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