Leading cryptocurrencies rallied alongside stock futures Sunday overnight after President Donald Trump hinted at possible de-escalation of trade tensions between the U.S. and China.
Bitcoin, Ethereum See Relief Rally
Bitcoin rebounded sharply to reclaim $115,000, following the ‘Black Friday' that wreaked havoc in the market.
Ethereum was up more than 11% on the day, recouping losses from the fateful day that dragged it to $3,500. XRP and Dogecoin also made sharp recoveries.
Cryptocurrency liquidations hit $630 million in the last 24 hours, with roughly $425 million in short positions erased, according to Coinglass. A whopping $19 billion was liquidated from the market on Friday.
Speculative interest was back, with open interest in BTC and ETH derivatives increasing by 8.12% and 13.1%, respectively, over the last 24 hours.
The market sentiment improved from "Extreme Fear" to "Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:35 p.m. ET) |
|---|---|---|
| Synthetix (SNX) | +95.78% | $1.82 |
| 4 (4) | +83.55% | $0.1656 |
| Dash (DASH ) | +40.43% | $53.16 |
The global cryptocurrency market capitalization stood at $3.90 trillion, following a jump of 6.3% in the last 24 hours.
Stock Futures Spike After Trump’s Post
Stock futures also bounced back overnight. The Dow Jones Industrial Average Futures jumped 365 points, or 0.80%, as of 8:53 p.m. EDT. Futures tied to the S&P 500 climbed 1.22%, while Nasdaq 100 Futures added 1.72%.
Investors sensed signs of de-escalation between the U.S. and China after Trump said "it will all be fine" via his Truth Social.
"The U.S.A. wants to help China, not hurt it," Trump said, days after threatening "massive" tariffs on the Asian nation and sparking global jitters about a U.S.-China trade war.
The three major indexes, the Dow, S&P 500 and the Nasdaq Composite, all ended Friday in the red. The S&P 500 declined 2.7%, registering its worst decline since April.
Stocks retreated from recent highs on Wednesday. The S&P 500 fell 0.28% to close at 6,735.11. The tech-heavy Nasdaq Composite dipped 0.08% to end at 23,024.63. The Dow Jones Industrial Average ended another day down, losing 243.36 points, or 0.52%, to close at 46,358.42.
‘A Massive Outlier’
Widely followed cryptocurrency analyst and trader Michaël van de Poppe deemed the recent crash a "massive outlier and a very harsh drop."
The analyst indicated that Bitcoin needs to hold the support above $110,177 for continued bull market strength.
"It’s not the start of the bear market," Van De Poppe added. "I assume that the markets trend back up in the coming 1-2 days as the buying pressure and confidence slowly needs to come back in.
Ted Pillows, another popular cryptocurrency market observer on X, questioned the reliability of the Sunday overnight rally, calling it a "relief bounce."
"Tomorrow's stock market open will set the tone for the week, and the indicators look promising so far," Pillows stated.
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