Bitcoin, Dogecoin Steady, While Ethereum, XRP Dip: Analyst Calls BTC Accumulation by Major Cohorts During Selloff a 'Bullish Signal'

Leading cryptocurrencies failed to gain momentum on Monday, lagging stocks as investors weighed the prospects for de-escalation in the Iran conflict.

Crypto Market Stagnant

Bitcoin moved between $73,700 and $75,500, as Ethereum hovered in the early $2,100s after a steep sell-off on Sunday.

Cryptocurrency-related stocks fell, with Strategy Inc.MSTR and Bitmine Immersion Technologies Inc.BMNR closing down 2.59% and 0.80%, respectively.

Over $275 million was liquidated from the cryptocurrency market in the last 24 hours, with Coinglass data showing $176 million in bullish long positions evaporated.

Bitcoin’s open interest spiked 2.35% over the last 24 hours. Meanwhile, retail and whale derivatives traders on Binance remained net long on Bitcoin, with sentiment firmly skewed bullish.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.601 trillion, up 1% over the last 24 hours.

Stocks Start the Week on a High

The Dow Jones Industrial Average gained 1,104.02 points, or 2.15%, to end at 52,389.75. The S&P 500 added 2.35% to close at 7,549.94, while the tech-heavy Nasdaq Composite rose 2.74% to settle at 25,253.14.

The United States Oil Fund(NYSE:USO), which tracks West Texas Intermediate crude oil, finished the session 3.87% lower at $142.66 as President Donald Trump signaled over the weekend that the U.S. is unlikely to resume military strikes against Iran.