Leading cryptocurrencies traded broadly flat Monday as the SEC gave a final nod to spot ETFs tracking the price movement of Ethereum.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | -1.00% | $67,359.39 |
| Ethereum ETH/USD | -1.55% | $3,483.31 |
| Dogecoin DOGE/USD | -1.64% | $0.1387 |
What Happened: Bitcoin meandered in the $67,000 – $68,000 region, while Ethereum started to witness selling as the news of spot ETF approvals started rolling in.
A whale transferred more than $30 million in Ether to Binance after the news, raising suspicions of a dump.
The market witnessed more than $105 million in liquidations in the last 24 hours, with nearly $75 million in upside bets getting wiped out.
Ethereum's Open Interest rose marginally by 0.25%. An increase in OI, coinciding with a drop in price, is construed as the opening of new short positions, in turn signaling a continuation of the downtrend.
Bitcoin's OI fell 1.11% in the last 24 hours, indicating the liquidation of long-position traders.
The Cryptocurrency Fear & Greed Index showed a reading of 71, increasing from 70 the previous day. The values implied the prevalence of "Greed" sentiment in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. EDT) |
| Helium (HNT) | +4.18% | $5.10 |
| cat in a dogs world (MEW) | +3.63% | $0.007637 |
| XRP (XRP) | +2.16% | $0.6076 |
The global cryptocurrency market stands at $2.44 trillion, down 1.44% in the last 24 hours.
Stocks started the week with a bang. The S&P 500 rose 59.41 points, or 1.08%, to end at 5,564.41, marking its best performance since early June. The Nasdaq Composite surged 1.58% to finish at 18,007.57, while the blue-chip index, Dow Jones Industrial Average, added 0.32% to hit 40,415.44 at the closing bell.
The rally was spurred by AI chip giant NVIDIA Corp. NVDA which bounced 4.76% during the day, wiping out some losses from the previous week.
Last week, major indices like the S&P 500 and the Nasdaq Composite registered their biggest weekly losses since April.
According to the CME FedWatch tool, traders are anticipating a 91% chance of the Fed lowering interest rates during September's FOMC meeting.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely-followed cryptocurrency trader KALEO anticipates a higher probability of pullback after the spot Ether ETFs are approved.
That said, they believed buying the dip was the "best" position to enter as Ether looked bullish on a higher time frame.
"We’re still early enough into this bull market that shorting is a greedy play if you’re giga-bullish on a higher time frame (ETH hasn’t even touched a new ATH yet)," the trader emphasized.
Another well-known trader, going by the pseudonym Moustache noted that the apex cryptocurrency has retested its previous all-time high of $69,000 for five months, something which they interpreted as bullish.
"The longer the better, because the stronger the support. Much higher in 2024. Be ready fam," the trader enthusiastically remarked.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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