- Bitcoin retreated from a near $76,000 high, triggering over $490 million in leveraged position liquidations, mostly shorts.
- While Bitcoin consolidated, altcoins like XRP and Ethereum led gains, propelling the total crypto market cap above $2.6 trillion.
- Retail chatter on Stocktwits increased for major tokens, with sentiment turning bullish for XRP as geopolitical tensions weighed on traditional markets.
Bitcoin’s price declined over $2,000 early Tuesday, retracing from an intraday peak near $76,000 as the broader cryptocurrency market held firm above a $2.6 trillion valuation. This sharp movement follows heightened geopolitical friction involving the U.S. and Iran, which sent oil prices surging past $100 a barrel.
Consequently, the volatility wiped out approximately $491 million in leveraged crypto bets. CoinGlass data showed short positions bore the brunt, accounting for roughly $326 million of the total liquidations.
Meanwhile, altcoins significantly outperformed. XRP gained 2.6% to hold above $1.50, while Ethereum rose 2.5% to trade near $2,300.
Retail interest on Stocktwits surged to ‘high’ levels for both altcoins, with sentiment for XRP flipping from bearish to bullish. Bitcoin’s own retail chatter also increased to normal levels, remaining in a bullish zone despite its price struggle to hold $74,000.
This crypto resilience contrasted with traditional assets. The SPDR S&P 500 ETF Trust (SPY) dipped in pre-market trade amid extremely bearish retail sentiment, while Gold prices edged lower.
The geopolitical backdrop remains a key driver, with former President Donald Trump’s comments on the Strait of Hormuz plan fueling the oil rally. Consequently, the United States Oil Fund (USO) jumped in pre-market activity, though its retail sentiment cooled slightly from ‘extremely bullish’ levels.
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