NVDA - Bitcoin Ethereum Dogecoin Trade In The Red As Summer Doldrums Kick In: Analyst Says 'We Are Early In The Cycle' | Benzinga
Leading cryptocurrencies plunged lower Tuesday as traders remained cautious on fears about a shrinking market in the summer months.
What Happened: Bitcoin fell into the $64,000 zone for the first time in more than 30 days. The world's largest digital currency was down 2.5% over the month. Ethereum dipped below $3,500 during the trading hours.
In the past 24 hours, 125,148 traders were liquidated, with the the total liquidations coming in at $323.09 million. About $260 million in long bets was wiped out of the market.
That said, Open Interest in futures contracts showed a spike. Bitcoin's OI rose 0.31%, while Ethereum's OI increased 2.25%. An increase in OI, coming alongside a contraction in price, typically indicates the opening of new short positions, which is interpreted as a bearish market condition.
The Cryptocurrency Fear & Greed Index fell from 74 to 64 in the last 24 hours. Though technically still a "Greed" sentiment, the decline in magnitude suggested moderating buying pressure.
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