Bitcoin, Ethereum, XRP, Dogecoin Consolidate as US-Iran Tensions Escalate: Analyst Says People Will Be ‘Surprised’ by Upcoming Bull Cycle
Leading cryptocurrencies moved sideways, while stock futures slid on Sunday evening amid investor concerns over escalating U.S.-Iran tensions.
Crypto Market Takes A Breather
Bitcoin fluctuated sharply between $63,000 and $64,000 as trading volume rose 18% over the past 24 hours. Ethereum spiked to $1,842 in the late evening before retracing sharply, while XRP and Dogecoin traded sideways.
Over $150 million was liquidated from the cryptocurrency market in the last 24 hours, with $86 million in bullish longs wiped out, according to Coinglass data.
Bitcoin’s open interest fell 0.54% over the last 24 hours, broadly aligning with the drop in spot price. The majority of retail and whale derivatives traders on Binance remained long on the leading cryptocurrency.
“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:23 p.m. EDT) |
|
Billions Network (BILL) |
+27.00% |
$0.05299 |
|
DeXe (DEXE) |
+26.63% |
$48.42 |
|
Velvet (VELVET) |
+16.73% |
$0.4978 |
The global cryptocurrency market capitalization stood at $2.16 trillion, following a dip of 0.06% over the last 24 hours.
Stock Futures Slide On Iran Tensions
Stock futures traded in the red overnight on Sunday. The Dow Jones Industrial Average Futures fell 106 points, or 0.20%, as of 8:42 p.m. EDT. Futures tied to the S&P 500 dipped 0.27%, while Nasdaq 100 Futures slid 0.51%.
Iran–U.S. military confrontations intensified during the weekend, raising renewed concerns about maritime security and global energy supplies.
The U.S. Central Command said that they launched more strikes against Iran on Sunday to degrade “their ability to attack civilian mariners and commercial ships” transiting the Strait of Hormuz.
Analyst Sees Bitcoin ‘Déjà Vu”
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, predicts a strong Bitcoin bull run in the next cycle, warning that the previous “shallow” rally will cause many investors to sell “too early.”
“This cycle Bitcoin to $500,000+ is on the table,” the analyst made a bold projection.
