Bitcoin, Ethereum, Dogecoin Gain As Trump Tariffs Deadline Delayed: 'Massive' Altcoin Season In The Works, Says This Analyst
Leading cryptocurrencies rose on Sunday while stock futures fell as the Trump administration extends tariff deadline.
What Happened: Bitcoin surged to an intraday high of $109,731.63, with trading volume jumping by nearly 25% in the last 24 hours.
Ethereum, the second-largest cryptocurrency, reached a high of $2,600 but then fell back to around $2,500.
The rally wiped out $134 million in bearish short positions in the last 24 hours. More than $300 million in downside bets risked liquidation if Bitcoin made a new high.
Bitcoin’s open interest rose 2.41% in the last 24 hours to $74 billion, while Ethereum recorded a 3.90% jump in funds locked in unsettled derivatives contracts.
The "Greed" sentiment strengthened from 66 to 73 in the last 24 hours, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 10:20 p.m. ET)
Floki(FLOKI)
+16.67%
$0.00008772
Bonk(BONK)
+13.94%
$0.0000225
Celestia(TIA)
+9.53%
$1.63
The global cryptocurrency market capitalization stood at $3.36 trillion, surging 3.49% in the last 24 hours.
Stock futures inched lower overnight Sunday. The Dow Jones Industrial Average Futures fell 139 points, or 0.30%, as of 9:40 p.m. EDT. Futures tied to the S&P 500 slid 0.43%, while Nasdaq 100 Futures lost 0.53%.
Commerce Secretary Howard Lutnick told reporters that Trump's planned tariffs will take effect on August 1, further extending the previously set July 9 deadline, Bloomberg reported.
Stocks have hit new highs lately, with the Nasdaq Composite and the S&P 500 surging 5.48% and 4.65% over the past month.
See More: Best Cryptocurrency Scanners
Analyst Notes: A cryptocurrency-focused X account, Oz, with a significant following, predicted Bitcoin to hit $150,000 by late August.
Another well-known cryptocurrency analyst, Michaël van de Poppe, anticipated a "massive" altseason, citing the altcoin season index.
"For the past 5 years, the Altcoins Season Index bottomed in the summer, primarily in June of every year. What followed? A strong second half of the year for altcoins," the analyst stated.
Photo: Yalcin Sonat/Shutterstock
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