Leading cryptocurrencies took a hit on Monday, following a similar trend in the stock market. This drop comes amid rising geopolitical tensions.

Cryptocurrency Performance:

  • Bitcoin (BTC/USD): -0.61% at $62,482.57
  • Ethereum (ETH/USD): -0.81% at $2,436.34
  • Dogecoin (DOGE/USD): -2.46% at $0.109

Bitcoin fell sharply after reaching $64,400 earlier in the day. By the evening, it had dropped to the low $62,000s. Ethereum mirrored this movement, rising above $2,500 in the morning before settling around $2,400 after the stock market closed.

Liquidations in the crypto space surged, exceeding $214 million in the last 24 hours. More than $140 million in bullish positions were wiped out. The Open Interest in Bitcoin futures decreased by 2.87%, indicating that many long positions were liquidated. The Cryptocurrency Fear & Greed Index stayed in the "Neutral" zone, showing a balance in market forces.

Top Gainers (Last 24 Hours):

  • First Neiro On Ethereum (NEIRO): +18.27% at $0.001657
  • Cat in a Dogs World (MEW): +15.35% at $0.007216
  • Sui (SUI): +8.78% at $2.04

The global cryptocurrency market cap is around $2.17 trillion, reflecting a 0.61% contraction in the last day.

On the stock side, markets pulled back after a strong close last week. The Dow Jones Industrial Average fell by 398.51 points, or 0.94%, ending at 41,954.24. The S&P 500 dropped 0.96%, closing at 5,695.94, while the tech-heavy Nasdaq Composite declined by 1.18%, finishing at 213.95. Traders are closely watching the economic and geopolitical impacts of rising tensions in the Middle East.

West Texas Intermediate (WTI) crude oil prices rose nearly 3% to $77 a barrel earlier in the day, driven by concerns over Israel's actions against Iran's oil facilities. Additionally, the yield on 10-year Treasury bonds surpassed 4% for the first time since late July. Investors are awaiting the release of the FOMC minutes from the Federal Reserve's September meeting on Wednesday, along with Consumer Price Index data due on Thursday.

Analyst Insights:

Noted cryptocurrency analyst Rekt Capital mentioned that Bitcoin could continue its upward trend if it closes above $64,230. Well-known researcher Ali Martinez pointed out that Ethereum could rally toward $6,000 if it maintains support above $2,300. However, he also warned of a potential drop to $1,600 if Ethereum fails to hold this key support level. This is significant, as nearly 2.77 million addresses hold 52.65 million Ether at this support zone.

Market News and Data: Provided by Benzinga APIs.

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