$Bitcoin (BTC.CC)$ and $Ethereum (ETH.CC)$ saw gains on Monday evening as the global cryptocurrency market cap rose 1.55% higher to $938 billion at 8:03 p.m. EDT.

Why It Matters: The two largest cryptocurrencies weathered Monday well despite risk assets dropping sharply.

The $S&P 500 index (.SPX.US)$ closed at 3,655.04, the lowest since 2020 as investors were rattled by market turbulence, which had its origins in the United Kingdom. U.S. stock futures were in the green and largely unchanged at the time of writing.

Chaos in fiat currencies is starting to make crypto look more attractive.  Bitcoin's modest weakness is rather impressive given the panic selling occurring across a wide range of risky assets."

- OANDA senior market analyst Edward Moyasaid.

Tech stocks were up earlier today and that shows you that correlation with crypto remains intact. Bitcoin won't be trading on its own fundamentals overnight, but it is starting to show some signs of resilience here." 

- said Moya in a note, seen by Benzinga.

Michaël van de Poppe shared a Bitcoin chart and said it was "narrow." The cryptocurrency trader said, "Break and flip of $19.3K will probably already trigger a new trend." The analyst said flipping the $19,500 level would indicate strength towards $20,000 and even $22,500.

Bitcoin's user base is at its "foundational level," according to a recent blog post from Glassnode. The on-chain analysis firm said a "constructive observation would be the expulsion of retail participants from the network leaving just the HODLers class, career traders, and everyday Bitcoin users remaining."

Glassnode observed that the majority of the current market churn is on account of the short-term holder class, which finds itself in an equilibrium period.

With such a large concentration of supply in the current consolidation range, a risk remains of a levee break, should prices lose the June $17.5k lows."

Meanwhile, Terra Classic (LUNC) trading volumes have seen a massive spike after Binance said it would implement a burn mechanism on trading fees, noted Santiment, a market intelligence platform. LUNC was the highest intraday gainer on Monday evening.

A statement from Binance indicated that it would burn coins equivalent to a trading fee when a trader buys or sells LUNC, however, it should be noted that the trading fee for large traders on Binance ranges between 0.1% to 0.02% — significantly lower than LUNC's 1.2% transaction burn rate.