Bitcoin, Ethereum, Dogecoin, XRP Drop Ahead Of Midnight Government Shutdown: Analyst Says We’ll Be ‘Trending Upwards’ In Few Days – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrencies mirrored stock futures’ decline on Tuesday as investors weighed the potential impact of an impending government shutdown.
Crypto Market Wavers
Bitcoin fluctuated between $112,700 and $114,700 throughout the day, while trading volume decreased over the last 24 hours.
Ethereum rebounded off $4,000 as bulls and bears jostled around the key support level. Trading volume fell 7.75% in the 24-hour period.
The two blue-chip coins were set to end the third quarter higher, with Bitcoin up 6.31% and Ethereum gaining 66%.
Meanwhile, cryptocurrency liquidations exceeded $418 million in the last 24 hours, with long liquidations accounting for more than half.
Bitcoin’s open interest fell 2.48% in the last 24 hours. That said, over 55% of top Binance traders with open BTC positions were long on the apex cryptocurrency.
“Neutral” sentiment prevailed in the cryptocurrency market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. ET) |
|---|---|---|
| Subsquid (SQD) | +69.82% | $0.2362 |
| Zcash (ZEC) |
+31.10% | $2.71 |
| SwissBorg (BORG) | +21.96% | $0.6246 |
The global cryptocurrency market capitalization stood at $3.90 trillion, following a 0.61% decrease in the last 24 hours.
Markets Sneeze Ahead Of Shutdown
Stock futures edged lower overnight Tuesday. The Dow Jones Industrial Average Futures fell 100 points, or 0.21%, as of 8:43 p.m. EDT. Futures tied to the S&P 500 sank 0.32%, while Nasdaq 100 Futures dived 0.39%.
The sell-offs occurred amid an impending federal government shutdown at midnight after Senate Democrats voted against a Republican bill to fund the government. The move threatens to result in mass layoffs of thousands of federal employees.
Earlier in the day, Dow Jones Industrial Average set a new closing record, finishing up 81.82 points, or 0.18%, at 46,397.89. The S&P 500 closed up 0.41% at 6,688.46, while the tech-heavy Nasdaq Composite ended 0.31% lower at 22,660.
Key BTC, ETH Levels To Watch Out For
Widely followed cryptocurrency analyst and trader Michaël van de Poppe labeled $112,000 as a “good” support for Bitcoin and anticipated a retest of the level
“Standard end of month volatility and shake outs. I would expect that we’ll be trending upwards in a few days from here,” the analyst projected.
Ted Pillows, angel investor and cryptocurrency market observer, stated that ETH needs a weekly close above $4,000 for an “upward continuation.”
“For years, the $4,000 level has been an important level for Ethereum, similar to the $12,000 level for BTC in 2020,” Pillows added.
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