Bitcoin Rises Despite Trump's Tariff Moves; Ethereum, Dogecoin Also Gain: Analyst Advises To 'Buy The Dip' In August, Hold Until This Time
Leading cryptocurrencies gained alongside stock futures on Sunday despite lingering concerns over President Donald Trump’s tariff moves.
What Happened: Bitcoin hit the upper reaches of $114,000 overnight, although trading volume dipped substantially. The recovery came after days of contraction, with the apex cryptocurrency shedding more than 4% of its value in a week.
Ethereum reentered $3,500, capping a volatile week that saw the second-largest cryptocurrency tumble 8%.
August has historically been a corrective month for the market, with both Bitcoin and Ethereum closing lower in the last four years.
The rally hit bearish traders hard, with over $100 million in shorts liquidated over the last 24 hours.
Bitcoin's open interest fell by 0.17% in the last 24 hours. Nearly 60% of traders on Binance Futures with open Bitcoin positions were leaning bullish as of this writing, according to the Long/Short ratio.
The "greed" sentiment strengthened sharply in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 9:15 p.m. ET)
Ethena (ENA)
+16.66%
$0.6168
Conflux (CFX)
+14.33%
$0.2177
Stellar (XLM)
+12.75%
$0.4163
The global cryptocurrency market capitalization stood at $3.71 trillion, gaining 2.70% in the last 24 hours.
Stock futures edged higher Sunday night. The Dow Jones Industrial Average Futures rose 48 points, or 0.11%, as of 8:44 p.m. EDT. Futures tied to the S&P 500 climbed 0.16%, while Nasdaq 100 Futures added 0.21%.
Tariff concerns weighed on investors’ minds after Trump imposed a new wave of import duties on major trading partners via executive order earlier this week.
Major averages like the S&P 500 and Nasdaq Composite closed the week in the red, precipitated by the worse-than-expected July jobs report.
See More: Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst and trader Ali Martinez spotted a buy signal on Bitcoin's 12-hour chart from the TD Sequential indicator
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
Another popular cryptocurrency analyst, Michaël van de Poppe, predicted another consolidative week for cryptocurrency, despite the overnight rip.
"General lesson as we’re approaching a super bullish Q3 and Q4: buy the dip in August, hold into Q4 and be happy on your altcoins," the analyst said.
Photo Courtesy: Dennis Diatel on Shutterstock.com
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Posted-In: Cryptocurrency
