Dailyhunt
Bitcoin, Ethereum, XRP, Dogecoin Rally After Trump Signals Iran Deal Breakthrough: Analytics Firm Says Investors Favor 'Holding' Strategy

Bitcoin, Ethereum, XRP, Dogecoin Rally After Trump Signals Iran Deal Breakthrough: Analytics Firm Says Investors Favor 'Holding' Strategy

Benzinga 1 month ago

Leading cryptocurrencies rallied alongside stocks on Monday after President Donald Trump claimed Iran was willing to make a deal.

Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)+4.38%$74,262.18
Ethereum(CRYPTO: ETH)
+7.19%$2,362.19
XRP(CRYPTO: XRP)+2.69%$1.36
Solana(CRYPTO: SOL)+4.62%$85.88
Dogecoin(CRYPTO: DOGE)+2.23%$0.09335

Crypto Market Rebounds

Bitcoin staged a strong recovery after Sunday's sell-off, nearly rallying to $75,000. Trading volume jumped 80% over the last 24 hours.

Ethereum climbed to an intraday high of $2,368, supported by strong buying pressure, while XRP and Dogecoin also regained lost territory.

Shares of Strategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closed up 2.89% and 1.08%, respectively.

Over $530 million was liquidated in the past 24 hours, with short position traders bearing the brunt of the losses, according to Coinglass data.

Open interest in Bitcoin futures spiked 8.66% in the last 24 hours. Interestingly, retail and whale derivatives traders on Binance turned "extremely bearish," increasing short bets on the apex cryptocurrency.

"Extreme Fear" sentiment persisted in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:30 p.m. EDT)
Genius Terminal (GENIUS) +216.28% $0.5501
RaveDAO (RAVE) +42.20% $8.11
Four (FORM) +18.85% $0.2649

Oil prices cooled, with West Texas Intermediate crude futures retracing 2.36% to trade at $96 per barrel.

Drop In Selling Pressure?

Blockchain analytics firm CryptoQuant highlighted that Bitcoin inflows to Binance have dropped to a more than 6-year low, roughly three times lower than normal.

"Investors are not looking to move their BTC onto exchanges to sell. On the contrary, they appear to favor a holding strategy, which mechanically reduces short-term selling pressure," CryptoQuant added.

Echoing this trend, Santiment reported that whales with 1,000-10,000 BTC now control over 21.3% of the total Bitcoin supply, the most they've held in two months.

Photo Courtesy: Zakharchuk on Shutterstock.com

Dailyhunt
Disclaimer: This content has not been generated, created or edited by Dailyhunt. Publisher: Benzinga