Leading cryptocurrencies slid sharply amid a significant escalation in geopolitical tensions in the Middle East.
Cryptocurrency | Gains +/- | Price (Recorded 9 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | -2.85% | $64,419.21 |
Ethereum (CRYPTO: ETH) | -1.43% | $3,215.23 |
Dogecoin (CRYPTO: DOGE) | -2.61% | $0.1226 |
What Happened: Bitcoin tumbled from $66,500 to the early $64,000s late afternoon after Iran's supreme leader ordered a direct strike on Israel.
The apex cryptocurrency was little changed earlier in the day, despite Federal Reserve Chair Jerome Powell's indication of a potential rate cut in September.
Bitcoin's slide caused other altcoin majors to slip, with Ethereum and Dogecoin recording sharp 24-hour declines.
The slump resulted in the liquidation of $177.17 million over the last 24 hours, including a wipeout of $144 million in bullish bets.
Bitcoin's Open Interest plunged 5.66% in the last 24 hours, indicating the forced closure of bullish longs.
The market mood flipped dramatically from "Greed" to "Neutral," according to Cryptocurrency Fear & Greed Index.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 9 p.m. EDT) |
Beam (BEAM) | +6.35% | $0.01885 |
Kaspa (KAS) | +5.07% | $0.2065 |
Lido DAO (LDO) | +1.62% | $1.62 |
The global cryptocurrency market stands at $2.32 trillion, falling 2.39% in the last 24 hours.
In contrast to cryptocurrencies, stocks surged on Jerome Powell's dovish guidance. The broad market index, the S&P 500, surged 85.86 points. or 1.58%, to close at 5,522.30. The tech-heavy Nasdaq Composite jumped 2.64% to close at 17,599.40. Both indexes recorded their best session since February.
The Dow Jones Industrial Average added 0.24% to finish at 40,842.79.
Private job growth slowed further in July, according to a report published Wednesday, boosting expectations of monetary easing.
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Analyst Notes: Cryptocurrency analyst Max noted a "Bollinger Squeeze" on Bitcoin's weekly time frame.
"The implication of Bollinger Bands squeezing this tight? A big move is coming soon," the analyst remarked, citing previous such instances during April 2016 and August 2023.
The #Bitcoin weekly time frame Bollinger Bands have only squeezed this tight 2 other times EVER.... April of 2016 & August of 2023!
The implication of Bollinger Bands squeezing this tight? A big move is coming soon.
April of 2016 kicked off the $BTC bull market & August of... pic.twitter.com/knFr0l10qL— Max (@MaxBecauseBTC) August 1, 2024
Another trader, Micro2Macr0, predicted King Crypto's downfall to the $61,000–$62,500 range. Yet he said, "I'm prepared to buy the dip."
#Bitcoin $BTC could totally drop towards the $61,000-$62,500 range.
I'm prepared to buy the dip.
Are you? pic.twitter.com/N88r7D4pPK— Micro2Macr0 (@Micro2Macr0) August 1, 2024