Markets
Bitcoin Retraces, Ethereum and Dogecoin Rise as Market Positions for ETF Approvals Ether Spot: Analyst Says This Indicator Flashes a ‘Buy Signal’ on King Crypto in Anticipation of Recovery
May 21, 2024 9:56 pm | 2 minutes reading
The cryptocurrency market rally slowed on Tuesday as an optimistic countdown to Ethereum spot ETF and former president Donald Trump’s Pro-crypto moves have kept investors’ hopes high.
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: Bitcoin) | -1.72% | US$70,157.46 |
| Ethereum (CRYPTO: ETH) | +2.71% | US$3,791.03 |
| Dogecoin (CRYPTO: DOGE) | +3.80% | $0.1724 |
What happened: Ethereum, the second-largest cryptocurrency, jumped above $3,800 during the day, maintaining positive momentum spurred by rumors of spot ETF approval. Bitcoin corrected on profit-taking by investors, falling below $71,000.
Ethereum’s open interest rose another 3.35%, surpassing $15 billion, a new all-time high.
Liquidations worth $171 million were witnessed in the last 24 hours, with almost equal amounts of long and short positions being eliminated. Ethereum topped the chart with over $57 million in liquidations.
The slowdown impacted derivatives traders’ sentiments as long positions in Ethereum and Bitcoin declined compared to short positions in the last 24 hours.
A report predicted SEC Approval of Ether Spot ETF this week, supporting the market’s high optimism regarding the crucial event. Next door, Donald Trump kept its promise to accept cryptocurrencies for electoral campaign donations, becoming the first major party campaign to adopt this strategy.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Pepê (PEPE) | +24.47% | $0.00001398 |
| Floki (FLOKI) | +10.70% | $0.0002373 |
| Read DAO (I MAKE) | +6.48% | $2.21 |
The global cryptocurrency market value is $2.6 trillion, after a 0.43% drop in the last 24 hours.
The stock market rose on Tuesday, with record highs for Nasdaq Composite and the S&P 500. The technology-focused Nasdaq Composite added 37.75 points, or 0.22%, to finish at 16,832.62. The S&P 500 gained 0.25% during the regular session to 5,321.41. O Dow Jones Industrial Average ended 0.17% higher at 39,872.99.
Optimistic prospects for NVIDIA Corp. (NASDAQ:NVDA) Wednesday’s expected earnings report was catalyzing markets as analysts expected strong earnings for the AI-based company.
View more: Best Cryptocurrency Scanners
Analyst Notes: According to on-chain analytics firm Santiment, crowd sentiment towards Ethereum was euphoric, with positive comments on social media outweighing negative chatter.
That said, despite Bitcoin’s rise to $70,000, investors were bearish on King Crypto.
Popular Cryptocurrency Analyst Ali Martinez, however, it increased the chances of a Bitcoin rally following a buy signal on the TD Sequential indicator.
Photo by Fernando Cortes on Shutterstock
Read next: Bitcoin could approach $80,000 in June: 10x survey
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