Leading cryptocurrencies gained alongside stock futures on Sunday as investors braced for the release of the Federal Reserve’s June meeting minutes.
Crypto Market Lifts
Bitcoin spiked late evening, nearly breaking $64,000, as trading volume increased marginally. Ethereum broke through $1,800, with a 41% jumpe in 24-hour volume, while XRP and Dogecoin inched higher.
Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $108 million in bearish short positions, according to Coinglass data.
Bitcoin’s open interest rose 1.21% over the last 24 hours. Meanwhile, retail and whale derivatives traders remained net long on the apex cryptocurrency.
"Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.13 trillion, representing a 2.39% increase over the last 24 hours.
Stocks Futures Rise
Stock futures edged higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 82 points, or 0.15%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 spiked0.54%, while Nasdaq 100 Futures rallied 1.36%.
Eyes will be on the Federal Reserve this week as traders , the first chaired by new Chairman Kevin Warsh, which are due on Wednesday. The central bank kept the federal funds rate steady in a target range of 3.50% to 3.75%
Macro Pullback Phase?
“Stablecoin contraction historically reflects a macro pullback phase, as active capital is redeemed for fiat or sidelined during broad market corrections,” the analyst stated.
Michaël van de Poppe, another popular cryptocurrency commentator, expressed optimism for a “shallow” BTC correction followed by a swift rebound, viewing it as the catalyst to reclaim the 200-week moving average, around approximately $62,500-$62,600, and exit the bearish price action.
Photo: KateStock / Shutterstock