Bitcoin, Ethereum, Dogecoin Recover Even As Trump Reiterates August Tariff Deadline: Analyst Sees Move To $120,000-$130,000 If BTC Breaks Above This 'Silly Wall'
Leading cryptocurrencies recovered and stocks traded flat on Tuesday as President Donald Trump stated that the Aug. 1 deadline for tariffs remains unchanged.
What Happened: Bitcoin rallied to an intraday high of $109,198.97, recouping losses from Monday’s sell-off. Ethereum broke above $2,600 but failed to sustain the rally
Institutional interest continued to grow, as iShares Bitcoin Trust (NASDAQ:IBIT) surpassed Strategy Inc.‘s (NASDAQ:MSTR) BTC holdings.
Over $115 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more. A further $260 million in Bitcoin perpetuals risked liquidation if the apex cryptocurrency rose to $111,000.
Bitcoin's open interest rose marginally by 0.52%. Notably, the majority of top traders on Binance were positioned short as of this writing.
The "Greed" sentiment persisted in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 10:30 p.m. ET)
Cronos (CRO)
+18.22%
$0.09489
Zcash (ZEC)
+9.25%
$42.14
SPX6900 (SPX)
+7.61%
$1.33
The global cryptocurrency market capitalization stood at $3.37 trillion, following a 1.16% increase in the last 24 hours.
Stocks were a mixed bag on Tuesday. The Dow Jones Industrial Average fell 165.60 points, or 0.37%, to end at 44,240.76. The S&P 500 was little changed, closing 0.07% lower at 6,225.52. The tech-focused Nasdaq Composite gained 0.03% to end at 20,418.46.
Trump stated via Truth Social that the Aug. 1 deadline for tariffs remains unchanged, and no extensions will be given. He also announced a 50% tariff on copper imports, pushing the industrial metal to record highs.
Tuesday’s sideways movement came after markets fell on Monday after Trump’s announcement of sweeping 25% tariffs on all imports from Japan and South Korea beginning Aug. 1.
See More: Best Cryptocurrency Scanners
Analyst Notes: Blockchain analytics firm Santiment highlighted a surge in bullish retail crowd sentiment as Bitcoin sits above $108,500.
"Be cautious while crowd FOMO is pouring in, as it can often lead to short-term corrections," Santiment remarked.
Widely followed technical analyst and trader Urkel said Bitcoin's path to $120,000-$130,000 will be smoother once it breaks above a "silly little wall" around $112,000.
"Just needs a big push," the analyst added.
Photo Courtesy: Miha Creative on Shutterstock.com
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