Shortly
- Bitcoin's price rose again, prompting many traders who bet against the asset to close positions.
- In the last 24 hours investors liquidated BTC short positions worth more than $97 Million.
- The S&P 500 and Nasdaq were both recently down more than 3%.
Bitcoin's price rose again–even as stocks fell–spurring many traders who bet against the asset to close their positions.
According to CoinGlass, over the last 24 hours investors liquidated BTC positions worth more than $97 Million. Nearly $180 million has been closed in cryptocurrency short positions by investors.
CoinGecko’s data showed the digital currency with the highest market capitalization was currently trading at $86,800. It had gained 2.7% within the past day. That was down from over $88,200 shortly after U.S. markets opened–its highest point since the end of March, but still well above the $75,000 mark to which it sank earlier in the month as investors fretful about U.S. President Donald Trump's erratic trade policies and other macroeconomic uncertainties veered away from riskier assets.
In the last day, short-term traders have bet more than $25 million on Ethereum’s price, which is the second biggest digital asset in terms of market capitalization.
Ethereum recently traded for $1.624, which is roughly the same as its previous performance, but represents an improvement. Ethereum’s price has fallen by more than 20 percent over the last month. Bitcoin and Solana, however, have both gained.
Solana dropped by over a percentage on Monday, but Dogecoin grew about 2.4%. XRP rose just 1% in volatile trading.
U.S. stocks were trading lower Monday morning New York time, with the Dow Jones Industrial Average, S&P500, and Nasdaq all dropping by about 3%. The traditional safe haven of gold has continued setting records, and it was trading recently at $3420/ounce.
Recently, Bitcoin and other cryptocurrency have shown signs of decoupling. They now behave like risk-off assets.
Trump has repeatedly upset the markets in recent weeks, since his beginning of second term as president in January. He did this by ordering tariffs for global trade and then cutting back on some. However, he has increased the tariffs on China.
Monday's stock market sell-off comes after Trump attacked Federal Reserve Chair Jerome Powell, saying that the central bank boss was a "major loser." Last week, President Trump complained about Powell’s failure to lower interest rates fast enough. He threatened to remove him. This was an unprecedented action for a U.S. leader and many analysts believed it would cause further turmoil in the markets and put the economy on a downward spiral.
James Rubin, Editor
