Bitcoin rose, but other major coins pulled back Tuesday as investors weighed the implications of a falling U.S. dollar and yields on government debt.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.40% | $119,262.73 |
| Ethereum (CRYPTO: ETH) | -0.99% | $3,747.04 |
| Dogecoin (CRYPTO: DOGE) | -1.58% | $0.2664 |
What Happened: Bitcoin climbed to an intraday high of $120,269.97 before sliding to the early $119,000s overnight. The coin's trading volume rose by 6.14% over the last 24 hours.
The rise comes amid a weakening dollar and falling Treasury yields, as expectations for interest rate cuts remain elevated. Spot gold also surged to its highest point in over a month.
Ethereum's advance, on the other hand, calmed down as investors began taking profits after the second-largest cryptocurrency went beyond $3,800. The coin was still up 20% in a week.
Cryptocurrency liquidations hit $390 million in the last 24 hours, with $256 million in long positions erased. Ethereum alone recorded $130 million in liquidations.
Bitcoin's open interest rose 1.12% in the last 24 hours to $86.20 billion, while funds locked in Ethereum's derivatives declined by 3.36%.
"Greed" sentiment strengthened from 72 to 74 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 10:15 p.m. ET) |
|---|---|---|
| Pudgy Penguins (PENGU) | +21.42% | $0.04528 |
| Flare (FLR) | +14.90% | $0.02414 |
| Bonk (BONK) | +7.45% | $0.00003744 |
The global cryptocurrency market capitalization stood at $3.95 trillion, following a modest jump of 0.78% from the previous day.
Major stock indexes closed in the green on Tuesday. The Dow Jones Industrial Average climbed 179.37 points, or 0.40%, settling at 44,502.44. The S&P 500 gained 0.06% to end at a new record high of 6,309.62. The tech-focused Nasdaq Composite, however, slid 0.39% to close at 20,892.69.
Investors parsed Treasury Secretary Scott Bessent's latest remarks during a Fox Business interview, where he said the U.S. will “be working out what is likely an extension” of the Aug. 12 tariff deadline with China.
The market will likely shift attention to the "Mag 7" earnings, as Tesla Inc. (NASDAQ:TSLA) and Alphabet Inc. (NASDAQ:GOOGL) are set to report earnings after the closing bell Wednesday.
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Analyst Notes: Widely followed chartist Ali Martinez noted Bitcoin's consolidation around the $121,000 mark, with buying pressure suggesting that the rally would sustain.
"If momentum holds, the next levels to watch are $131,000, $144,000, and $157,000," Martinez predicted.
Another well-known cryptocurrency analyst and trader, Michaël van de Popp,e said that while Ethereum and altcoins are in a bull market, rising gold prices may trigger a correction in the days to come.
"It [Gold] broke upwards again, and that’s usually not a great sign for risk-on assets," the analyst added.
Photo Courtesy: Travis Wolfe on Shutterstock.com
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