Leading cryptocurrencies reversed course on Monday, giving up gains achieved the previous day.
Cryptocurrency
Gains +/-
Price (Recorded at 9:20 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-1.55%
$62,826.40
Ethereum (CRYPTO: ETH)
-0.05%
$2,618.46
Dogecoin (CRYPTO: DOGE)
-0.39%
$0.1072
What Happened: Bitcoin made a steady descent below $63,000, a day after spiking to $64,600 on pro-cryptocurrency comments by Democratic presidential candidate Kamala Harris.
Ethereum also started going downhill after the market close, settling around the low $2,600 region.
Interestingly, a sharp disparity emerged between the two top currencies’ weekly performance and their year-to-date returns. Ethereum, being a laggard in comparison to Bitcoin this year, outperformed King Crypto over the week.
This potentially signaled a capital rotation away from the leading currency to other coins, following the Federal Reserve’s aggressive 50 basis point rate cut.
Total cryptocurrency liquidations exceeded $124 million in the last 24 hours, with bearish bets accounting for $67 million.
Bitcoin’s funding rate on major cryptocurrency exchanges like Binance continued to be positive, indicating the dominance of bullish traders. The Open Interest in Bitcoin futures fell marginally by 0.25% in the last 24 …
Full story available on Benzinga.com