Bitcoin, Ethereum, XRP Dip, but Dogecoin Gains as US-Iran Tensions Persist: Analyst Says 'Next Sell-Off S

Leading cryptocurrencies traded in the red alongside stocks on Monday as uncertainty on Iran negotiations kept risk appetite in check.

Crypto Market Sells Off

Bitcoin faced intense selling pressure as 24-hour trading volume surged 56%, pushing its price down toward $63,000. Ethereum’s trading volume jumped 70%, while the second-largest cryptocurrency slipped below $1,900.

Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.

Bitcoin’s open interest fell 0.40% over the last 24 hours, aligning with the drop in spot price. Meanwhile, retail and whale derivatives traders on Binance increased their BTC long exposure after the price drop.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.18 trillion, following a dip of 1.35% over the last 24 hours.

Stocks Lag Amid Iran Deadlock

Stocks kicked off the week with losses. The Dow Jones Industrial Average fell 60.95 points, or 0.11%, to close at 53,975.98. The S&P 500 slid 0.06% to close at 7,753.11, while the tech-focused Nasdaq Composite dropped 0.32% to settle at 26,605.36.

Iranian President Masoud Pezeshkian reportedly called for a deal with the U.S. over the Strait of Hormuz, adding that the war “has to be brought to an end at some point.”