Leading cryptocurrencies pulled back Monday, matching the decline in stocks, as geopolitical tensions mounted.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.61% | $62,482.57 |
| Ethereum (CRYPTO: ETH) | -0.81% | $2,436.34 |
| Dogecoin (CRYPTO: DOGE) | -2.46% | $0.109 |
What Happened: Bitcoin retreated sharply after sailing as highs as $64,400 during early trading hours. The leading cryptocurrency plummeted to the early $62,000s by evening.
Ethereum mirrored the above trajectory, spiking above $2,500 in the morning, to later fall to $2,400 after the stock market closed.
Cryptocurrency liquidations surged, exceeding $214 million in the last 24 hours. Over $140 million placed on bullish bets was wiped out.
The Open Interest in Bitcoin futures dropped 2.87%, further indicating the liquidation of long positions.
The Cryptocurrency Fear & Greed remained in the "Neutral" zone, indicating a balance between market forces.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| First Neiro On Ethereum (NEIRO) | +18.27% | $0.001657 |
| Cat in a dogs world (MEW) | +15.35% | $0.007216 |
| Sui (SUI) | +8.78% | $2.04 |
The global cryptocurrency stood at $2.17 trillion, following a contraction of 0.61% in the last 24 hours.
Stocks retreated Monday after closing last week on a high. The Dow Jones Industrial Average fell 398.51 points, or 0.94%, to end at 41,954.24. The S&P 500 slipped 0.96% to close at 5,695.94, while the tech-heavy Nasdaq Composite reversed 1.18%, finishing the session at 213.95.
Traders assessed the economic and geopolitical implications of escalating tensions in the Middle East.
West Texas Intermediate (WTI) crude rose nearly 3% to $77 a barrel earlier in the day, spurred by concerns over Israel's attack on Iran's oil facilities. Additionally, the benchmark 10-year Treasury yields shot past 4% for the first time since the last week of July.
Investors now awaited the release of FOMC minutes from the Federal Reserve's September policy meeting, due for release on Wednesday, and the Consumer Price Index data, slated for Thursday.
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Analyst Notes: Noted cryptocurrency analyst and trader Rekt Capital stated that Bitcoin was poised to continue its upward momentum with a daily close above $64230
#BTC
— Rekt Capital (@rektcapital) October 7, 2024
It's very likely Bitcoin will just need a Daily Close above ~$64230 (purple) to further build on its current momentum to the upside$BTC #Crypto #Bitcoin pic.twitter.com/uWn6xaNA4H
Widely-followed cryptocurrency researcher Ali Martinez highlighted the possibility of Ether's rally toward $6,000, given it maintains support above $2,300.
This is a pivotal moment for #ETH!
— Ali (@ali_charts) October 7, 2024
If #Ethereum maintains support above $2,300, a new rally toward $6,000 could be on the horizon. But if $ETH loses this level, a drop to $1,600 might be next. pic.twitter.com/v5uwf8a5Un
To the contrary, he pointed out the risk of diving to even $1,600 if Ether fails to maintain the key support level.
The significance could be gauged by the fact that nearly 2.77 million addresses bagged 52.65 million Ether at the aforementioned level.
The most significant support level for #Ethereum is at $2,300, where 2.77 million addresses bought 52.65 million $ETH! pic.twitter.com/dgwHOvo20L
— Ali (@ali_charts) October 8, 2024
Photo by SvetlanaParnikova on Shutterstock
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