Leading cryptocurrencies extended losses Monday, mirroring the stock rout, as investors get jittery over recession concerns.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -4.54% | $76,982.36 |
| Ethereum (CRYPTO: ETH) |
-9.88% | $1,821.41 |
| Dogecoin (CRYPTO: DOGE) | -11.00% | $0.1478 |
What Happened: Bitcoin sank below $77,000 to hit a four-month low. The leading cryptocurrency was down 29% from its all-time high, wiping away nearly all of the gains since Trump’s victory in the presidential elections.
Ethereum slipped below $1,800, its lowest since October 2023. Year-to-date, the second-largest cryptocurrency has plunged over 45%.
The downturn comes despite President Donald Trump signing an executive order for a Strategic Bitcoin Reserve last week.
About $926 million was liquidated from the cryptocurrency market in the last 24 hours due to the slump, with $742 million in long positions getting erased.
That said, Bitcoin’s recovery to $85,000 would liquidate about a billion in short positions.
Bitcoin’s Open Interest fell 3.83% over the last 24 hours, while the number of traders positioned short on the asset soared to 52% of the total.
The Crypto Fear and Greed Index remained in the “Extreme Fear” …
Full story available on Benzinga.com