Bitcoin Drops As Michael Saylor’s Strategy Halts Accumulation Streak; Ethereum, Dogecoin Also Dip: Analyst Expects ‘Violent’ Week Ahead
Leading cryptocurrencies dipped on Monday, reflecting a decline in institutional interest and caution ahead of the Federal Reserve’s policy meeting.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:30 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.04% | $118,396.13 |
| Ethereum (CRYPTO: ETH) |
-1.62% | $3,816.44 |
| Dogecoin (CRYPTO: DOGE) | -6.13% | $0.2281 |
What Happened: The apex cryptocurrency rebounded after hitting the ceiling around $120,000, hitting intraday lows of $117,441.44. Trading volume rose 16.79% to over $65 billion in the last 24 hours.
Institutional interest in the asset declined, with Strategy Inc. (NASDAQ:MSTR) halting its BTC accumulation streak last week.
Ethereum also encountered sharp profit-taking, following a 56% monthly rally that brought it within touching distance of $4,000.
Bitcoin’s market dominance rose to 60.7%, signaling capital rotation from altcoins, while Ethereum’s share shot up to 11.8%, the highest since mid-January.
Cryptocurrency liquidations shot up to $450 million in the last 24 hours, with bullish bets accounting for 82% of the total.
Bitcoin’s open interest dropped slightly by 0.76% in the last 24 hours, with the majority of Binance traders with open BTC positions betting on …
About The Author
