Leading cryptocurrencies witnessed sell-offs on Monday as Bitcoin’s psychologically significant $100,000 barrier remained elusive.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -2.54% | $94,742.80 |
| Ethereum (CRYPTO: ETH) |
+3.81% | $3,452.30 |
| Dogecoin (CRYPTO: DOGE) | -2.28% | $0.4071 |
What Happened: The leading cryptocurrency went downhill during U.S. trading hours, falling as low as $92,600, Overnight buying pushed the digital asset above $94,000.
Ethereum, on the other hand, rallied past $3,500 for the first time in four months. The rally triggered strong inflows into Ether spot exchange-traded funds (ETFs) totaling $283,000, according to SoSo Value. In comparison, Bitcoin ETFs bled more than $684 million.
Over $386 million in long positions were liquidated in the past 24 hours. Additionally, more than $832 million in short positions risk liquidation if Bitcoin’s price rebounds to $98,000.
Interestingly, the number of traders placing bullish bets on Bitcoin increased sharply against those shorting the asset, as per the Long/Shorts Ratio on cryptocurrency exchange Binance. This suggested that traders were buying the dip.
The reading on the Cryptocurrency Fear and Greed Index fell from 82 to 79, though …
Full story available on Benzinga.com