Cryptocurrency prices took a hit on Monday in conjunction with a downturn in major stock indices.
The leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, all witnessed negative price movements.
Bitcoin fell below the $63,000 mark and stayed around that level throughout the day, while Ethereum briefly dropped below $2,700 before stabilizing in the high $2,600s.
Within the last 24 hours, total cryptocurrency liquidations amounted to $107.46 million, with long liquidations accounting for 83% of the total.
A shift in market sentiment was observed as the Cryptocurrency Fear & Greed Index transitioned from “Greed” to “Neutral” following the market pullback.
Despite the general market decline, some cryptocurrencies like Artificial SuperIntelligence Alliance (FET) and Bittensor (TAO) managed to record gains.
The global cryptocurrency market cap reached $2.21 trillion after a 1.76% decrease over the previous day.
In the stock market, the Dow Jones achieved a record high, while the S&P 500 and Nasdaq Composite faced losses. NVIDIA Corp. witnessed a decline in its share price ahead of its earnings announcement.
Experts such as cryptocurrency analyst Ali Martinez offered insights into key support and resistance levels for Bitcoin, hinting at potential price movements based on these levels.
Data from on-chain analytics firm Santiment revealed a more significant decrease in Bitcoin’s open interest on exchanges compared to Ethereum and Solana, indicating a potential shift in investor attention towards alternative cryptocurrencies.
Despite the downward pressure on cryptocurrencies, the market remains volatile and responsive to various factors that impact price fluctuations. Investors are encouraged to stay well-informed and exercise caution in their decision-making processes.
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