2025-01-27 03:06:49 by Benzinga

Leading cryptocurrencies faced heavy sell-offs Sunday evening, mirroring the decline in stock futures. CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. ET)Bitcoin BTC/USD-2.81%$101,669.43Ethereum ETH/USD               -3.80%$3,203.23Dogecoin DOGE/USD          -7.07%$0.3299What Happened: Bitcoin plunged from $105,000 in the afternoon to $101,000 by evening, triggering a broader market slump.  Ethereum slipped from $3,340 to $3,178, while Dogecoin also plunged more than 7%. About $400 million was liquidated from the cryptocurrency market in the last 4 hours of trading, with long liquidations accounting for $389 million. The number of traders placing downside bets on Bitcoin increased in comparison to those gunning for price increases, according to the Long/Short ratio. Bitcoin's Open Interest rose marginally in the last 24 hours. A rise in OI, coming alongside a drop in prices, indicated short selling. The market sentiment remained in the "Greed" zone, according to the Crypto Fear & Greed Index. Top Gainers (24-Hours) CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. ET)Onyxcoin (XCN)+12.16%$0.03633Jupiter (JUP)+9.88%$1.03AIOZ Network (AIOZ)+8.27%$0.843The global cryptocurrency market capitalization stood at $3.47 trillion, contracting 3.65% in the last 24 hours. Stock futures ticked lower on Sunday night. The Dow Jones Industrial Average Futures fell 184 points, or 0.41%, as of 8:41 p.m. EDT. Futures tied to the S&P 500 fell 0.94%, while Nasdaq 100 Futures lost 1.79%. The slump coincided with President Donald Trump's punitive tariffs on Colombian imports and the hype surrounding China's open-source AI model, DeepSeek. These moves come ahead of a big earnings week, with tech behemoths from the ‘Magnificent 7' cohort set to report their quarterly financials. Additionally, the Federal Reserve will hold its meeting on Wednesday, with investors pricing in a 99.5% chance that the interest rates will remain unchanged, according to the CME FedWatch tool. See More: Best Cryptocurrency Scanners Analyst Notes: Popular cryptocurrency analyst Ali Martinez noted an invalidation of Bitcoin's head-and-shoulders pattern, prompting an upside target of $122,000. Note that the head and shoulders chart pattern depicts a bullish-to-bearish trend reversal, signaling that an upward trend is nearing its end. In one of his earlier posts, Martinez also likened Bitcoin's ongoing trajectory to its 2015-2018 cycle. "Historically, it was around this point when BTC went parabolic," the analyst remarked. Another widely followed cryptocurrency chartist, Rekt Capital, underlined the importance of Bitcoin's historic weekly close. "Historically, similar weekly closes above a final major weekly resistance at this moment in the cycle have preceded continued upside to new all-time highs," the analyst added. Photo by CMP_NZ on Shutterstock Read Next:     EXCLUSIVE: Madden Gaming Veteran-Led Photo Finish Teams Up With BlockBet To Expand Into Sports Betting, Simulcasting Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.