Bitcoin, Ethereum, XRP and Dogecoin dipped on Monday as investors weighed Federal Reserve Chair Kevin Warsh's latest remarks and the odds of a rate hike. Bitcoin climbed above $83,000 before steadily declining toward $81,000. Ethereum traded between $2,374 and $2,443. XRP and Dogecoin traded lower.
Cryptocurrency-related stocks also fell on Monday. Strategy Inc. (NASDAQ:MSTR) closed down 0.59%. Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed down 0.37%. Coinglass data showed more than $180 million in cryptocurrency positions were liquidated over the past 24 hours, including roughly $100 million in bullish long positions.
Bitcoin's open interest dipped 0.05% over the last 24 hours. Smart money sentiment, reflecting institutional investors' collective outlook and capital allocation, turned extremely bearish. However, the Crypto Fear & Greed Index showed that greed remained the dominant market sentiment.
The stock market had a mixed session on Monday. The Dow Jones Industrial Average fell 36.38 points, or 0.07%, to close at 51,966.03. However, the S&P 500 rose 0.41% to close at 7,690.73. The technology-focused Nasdaq Composite gained 1.11% to close at 26,430.89. Warsh refused to preview next week's interest-rate decision. Warsh said recent hot inflation readings had left Warsh's view of the economy unchanged. The CME FedWatch tool showed that market participants priced in an 82% chance of a rate hold.
Blockchain analytics firm Santiment reported that total Bitcoin holdings among addresses holding 10 to 10,000 BTC reached a six-month high. Santiment said the accumulation creates a strong bullish setup if the trend continues. Santiment said the cohort has historically aligned closely with Bitcoin's major price trends, making the cohort's behavior especially useful to watch. However, on-chain analytics firm Glassnode highlighted that profitable short-term Bitcoin holders recently sent the largest share of coins to exchanges in a year. Glassnode said those transfers created selling pressure that weighed on Bitcoin's price after Bitcoin broke above $85,000.
Bitcoin, Ethereum, XRP, and Dogecoin Dip Amid Rate Hike Speculation
BenzingaShare
Summary
Bitcoin, Ethereum, XRP, and Dogecoin fell on Monday as the fear and greed index tilted toward caution following remarks from Federal Reserve Chair Kevin Warsh. Bitcoin briefly rose above $83,000 before retreating toward $81,000. Ethereum news showed the asset trading between $2,374 and $2,443, while XRP and Dogecoin also dropped. Over $180 million in crypto positions were liquidated in the past 24 hours, with $100 million in bullish longs wiped out. Santiment reported a six-month high in Bitcoin holdings among addresses with 10 to 10,000 BTC, hinting at a possible bullish setup.
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