Leading cryptocurrencies plunged Sunday as September started on a weak note for the volatile asset class.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -2.39% | $57,572.95 |
| Ethereum ETH/USD | -2.46% | $2,447.98 |
| Dogecoin DOGE/USD | -5.32% | $0.09573 |
What Happened: Bitcoin slid below $58,000 for the first time in over two weeks, while Ethereum hit a three-week low of $2,400.
Bitcoin lost nearly 11% in August, worse than its average of 1.75% gains for the month, according to Coinglass.
The total cryptocurrency liquidations in the market hit $165 million in the last 24 hours, with $140 million in longs getting evaporated.
Bitcoin's Open Interest dipped 1.9% in the last 24 hours, while funds locked in Ethereum's futures contracts dropped 1.55%.
The market remained in "Fear" as of this writing, according to the Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Helium (HNT) | +2.24% | $7.20 |
| Starknet (STRK) | +1.22% | $0.3599 |
| Artificial Super Intelligence (FET) | +1.02% | $1.14 |
The global cryptocurrency market stood at $2.01 trillion, following a decline of 2.72% in the last 24 hours.
Blue-chip indices have scripted a strong turnaround from the Aug. 5 rout, precipitated by fears of recession and the unwinding of yen carry trades. The Dow Jones Industrial Average and the S&P 500 were up 3.10% and 3.70%, respectively, over the past month.
September will be an important month for investors as the Federal Reserve will decide on the monetary policy in the upcoming FOMC meeting. Earlier, Fed Chair Jerome Powell had hinted at the beginning of interest rate cuts.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez observed a drop in capital flows for Bitcoin with an increase in that of stablecoins, an indication of investor caution.
"Investors are moving to stablecoins for safety or future buying opportunities. This shift often reflects market uncertainty or a defensive stance," the analyst commented.
Cryptocurrency analyst Rekt Capital highlighted the importance of King Crypto's weekly close above $58,450.
"Price is at this support right now. Ideal close would even be ~$59000 to get BTC above the blue higher low dating back to early July," the analyst explained.
Photo by Avi Rozen on Shutterstock
Read Next:
© 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.
