Despite ongoing worries about the president, major cryptocurrencies rallied alongside stock futures on Sunday.
| Cryptocurrency | Gain +/- | Price (recorded at 9:15pm ET) |
|---|---|---|
| Bitcoin | +1.52% | $114,739.26 |
| Ethereum | +3.85% | $3,544.28 |
| Dogecoin | +4.25% | $0.2019 |
What happened: Bitcoin trading saw significant volume, even passing the $114,000 mark overnight. This upward movement followed a period of decline, where the leading cryptocurrency had dropped over 4% during the week.
Ethereum managed to bounce back above $3,500, rounding off a week marked by volatility, including an 8% dip earlier.
August has a history of being a market correction month, with both Bitcoin and Ethereum experiencing declines over the past four years.
Recent surges have wiped out over $100 million in short positions in just 24 hours, putting considerable pressure on bearish traders.
Bitcoin’s open interest has fallen by 0.17% in the last 24 hours. Currently, nearly 60% of traders on Binance Futures with open Bitcoin positions are optimistic, according to the long/short ratio.
According to the Crypto Fear & Greed Index, there has been a notable shift towards “greed” in market sentiment.
Top gain (24 hours)
| Cryptocurrency | Gain +/- | Price (recorded at 9:15pm ET) |
|---|---|---|
| Ethena (Ena) | +16.66% | $0.6168 |
| Conflux (CFX) | +14.33% | $0.2177 |
| Stars (XLM) | +12.75% | $0.4163 |
The global cryptocurrency market cap stands at $3.71 trillion, gaining 2.70% in the last day.
Stock futures were also on the rise Sunday night. The Dow Jones Industrial Average futures were up 48 points (0.11%) by 8:44pm EDT. Futures linked to the S&P 500 saw a 0.16% increase, while Nasdaq 100 futures rose by 0.21%.
Investor concerns have been heightened following Trump’s new import tariffs on major trading partners implemented through an executive order earlier this week.
Key indices like the S&P 500 and Nasdaq Composite concluded the week in the red, influenced by a disappointing July employment report.
Analyst Notes: Notable cryptocurrency analysts, such as Ali Martinez, identified a buy signal on a 12-hour Bitcoin chart using the TD Sequential Indicator, which is a tool for spotting potential price reversals.
Meanwhile, analyst Michael van de Poppe predicted consolidation in the cryptocurrency market despite the recent fluctuations.
He noted, “As we approach the bullish third and fourth quarters, the lesson is: buy the dip in August, hold through the fourth quarter, and enjoy your altcoins.”
