Ethereum led losses among the top 10 cryptocurrencies by market capitalization but remained above the $2,000 mark.
- Bitcoin slipped slightly in the last 24 hours and struggled to hold above the $70,000 level after touching an intra-day high of around $71,600.
- The overall cryptocurrency market traded flat, holding around around $2.44 trillion.
- Around $250 million in crypto bets were liquidated in the last 24 hours, a near-even split between long and short positions.
Meme token Dogecoin (DOGE) outperformed Bitcoin (BTC) on Tuesday night as the broader cryptocurrency market traded flat after President Donald Trump warned Tehran that failing to remove mines from the Strait of Hormuz would trigger military consequences “at a level never seen before,” amid escalating tensions between the U.S. and Iran.
His comments came after the U.S. Central Command said American forces had sunk multiple Iranian naval vessels, including 16 suspected mine-laying ships. The war between the U.S. and Iran has now been going on for nearly two weeks.
Crypto Market Trades Sideways
The overall cryptocurrency market edged 0.1% higher in the last 24 hours to $2.44 trillion. According to CoinGlass data, around $250 million in crypto bets were liquidated with a near-even split between longs and shorts.
Bitcoin’s price was also relatively flat, edging 0.2% lower in the last 24 hours to around $69,500, despite hitting an intra-day high of $71,600. Retail sentiment on Stocktwits around BTC dipped to ‘neutral’ from ‘bullish’ territory over the past day.
Meanwhile, Dogecoin’s price rose 1.4% in the last 24 hours to around $0.0925, leading gains among crypto majors. Despite defying the selloff, retail sentiment around the meme token shifted lower to ‘bearish’ from ‘neutral’ territory over the past day.
What Is Retail Saying About Bitcoin?
Many users expressed frustration that Bitcoin’s price could not hold above $70,000.
One user on the platform blamed derivatives trading for the pressure on Bitcoin’s price.
Ethereum Leads Losses Among Crypto Majors
While Dogecoin led gains among the top 10 cryptocurrencies by market capitalization, Ethereum (ETH) was leading losses. Ethereum’s price edged 0.3% lower in the last 24 hours, but remained above $2,000 – a key level analysts are watching closely for a potential shift from resistance to support. Like Dogecoin and Bitcoin, it also saw retail sentiment deteriorate, falling to ‘bearish’ from ‘neutral’ territory over the past day.
Solana (SOL) and Binance Coin (BNB) were flat in the last 24 hours. Ripple’s XRP (XRP) and Tron (TRX) edged 0.2% higher, at par with Bitcoin.
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