Bitcoin, Ethereum, XRP, Dogecoin Slide After Fresh Macro Data: Analyst Says This BTC 'Trigger' Could Pote

Major cryptocurrencies reversed course on Monday following their Sunday gains, as investors weighed the latest U.S. manufacturing data and the likelihood of a rate hike.

Crypto Market Corrects After Sunday Spike

Bitcoin fell sharply from the mid-$86,000s to the early $85,000s in the afternoon, before paring gains late in the evening.

Ethereum struggled to break away from the $2,700 zone, while XRP and Dogecoin declined notably.

Cryptocurrency-related stocks moved the other way, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 4.42% and 2.02%, respectively. 

Over $190 million was liquidated from the cryptocurrency market in the last 24 hours, with $114 million in long positions erased, according to Coinglass data. Roughly 64,622 traders were liquidated.

Bitcoin’s open interest fell 0.97% over the last 24 hours, but Binance derivatives traders with open BTC positions remained “Neutral.”

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $3.02 trillion, up 0.10% over the last 24 hours, while the total trading volume surged 66%.

Stock Market Surges

Stocks began the new trading week on a strong footing. The Dow Jones Industrial Average rallied 90.94 points, or 0.18%, to close at 51,267.90. The S&P 500 rose 0.66% to 7,773.95, while the tech-heavy Nasdaq Composite climbed 1.05% to a record close of 27,477.31.