Leading cryptocurrencies made a sharp U-turn Monday, mirroring the pullback in stocks, as the ‘Uptober’ rally takes a halt.
Cryptocurrency
Gains +/-
Price (Recorded at 8:45 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-3.28%
$66,950.69
Ethereum (CRYPTO: ETH)
-4.26%
$2,631.99
Dogecoin (CRYPTO: DOGE)
-2.13%
$0.1421
What Happened: Bitcoin went downhill throughout the day, dipping to an intraday low of $66,580. The retracement occurred just one day after the leading cryptocurrency surpassed $69,000 for the first time since early June.
Ethereum saw a steeper decline, falling back into the $2,600 zone. On Sunday, the second-largest cryptocurrency hit its highest level since the first week of August.
Total cryptocurrency liquidations surged to $204 million in the last 24 hours, with over $174 million longs being wiped out.
Bitcoin’s Open Interest dropped by 2% in the last 24 hours, while Ethereum’s speculative market contracted by 3.75%.
The pullback triggered bearish sentiment as the number of traders shorting Bitcoin rose compared to those bullishly leveraged on the asset, as per the Long/Shorts Ratio.
That said, market sentiment remained in the “Greed” zone as of this writing, according to the Cryptocurrency …
Full story available on Benzinga.com