Cryptocurrency Market Declines While Gold Surges During Government Shutdown
Leading cryptocurrencies experienced significant losses on Tuesday as markets pulled back and gold reached record highs amid the ongoing U.S. government shutdown.
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The cryptocurrency market suffered a major setback on Tuesday, with Bitcoin falling below $121,000 and ending its week-long winning streak. Ethereum dropped to under $4,500, while other major cryptocurrencies like XRP and Solana also experienced sharp declines. Trading activity increased dramatically, with Bitcoin volumes surging 15% and Ethereum jumping 60%.
The market saw massive liquidations totaling $621.29 million, affecting 167,851 traders, with nearly $470 million in long positions being wiped out. Market sentiment became more cautious, as Bitcoin's open interest fell 3.33% and over 50% of Binance futures traders remained bearish. Traditional markets also declined, with the S&P 500 dropping 0.38% and the Nasdaq falling 0.67%.
In contrast, gold reached a new high of $4,000 per ounce during the seventh day of the U.S. government shutdown. Analysts remain divided, with some predicting potential Ethereum highs while others warn of the historically dangerous $4,000-$4,800 range.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/10/48091812/bitcoin-ethereum-xrp-dogecoin-snap-winning-run-analyst-sees-new-eth-highs-once-golds-insane