Leading cryptocurrencies edged higher on Sunday as investors weighed President Donald Trump’s remarks about a potential Iran peace agreement.
Bitcoin wobbled within a range of $62,890 to $63,700, with trading volume surging 19% over the 24-hour period. Ethereum also remained stuck within $1,800, while XRP and Dogecoin traded in the green.
Nearly $150 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bearish short positions, according to Coinglass data.
Bitcoin’s open interest rose 0.31% over the last 24 hours. Retail and whale derivatives traders remained net long on BTC, but trimmed their exposure from the day before.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
The global cryptocurrency market capitalization stood at $2.17 trillion, following an increase of 0.82% over the last 24 hours.
Stock futures climbed overnight on Sunday. The Dow Jones Industrial Average Futures rose 205 points, or 0.39%, as of 8:41 p.m. EDT. Futures tied to the S&P 500 spiked 0.42%, while Nasdaq 100 Futures rallied 0.65%.
The upsurge came after Trump canceled planned strikes on Iran after being "asked" by Tehran and other Middle East nations to "hold off" to allow a deal to be reached.
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, noted record-low Bitcoin sentiment and high net negative positioning in the current cycle
He predicted that a sustained breakout above the $67,000-$68,000 resistance would trigger a “strong and vital move” due to liquidations, “accelerating” the move upward.
On-chain analytics firm Santiment also spotlighted Bitcoin’s lowest positive-to-negative commentary on major social platforms, with just 0.58 bullish comments for every 1 bearish comment.
“This panic reading is larger than the peak war fears earlier this year, as well as the other aforementioned events from crypto’s past,” Santiment added.
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