Leading cryptocurrencies corrected on Monday even as the U.S. and China slashed tariffs to avert a trade war.

What Happened: Bitcoin witnessed a big sell-off after the market opened, slipping below $101,000, but recovered to the mid-$102,000s by evening.

Ethereum traders also cashed in, dragging its price to $2,411.59 before a recovery late evening.

Bitcoin’s market dominance fell further to 61.9%, while Ethereum’s share rose to 9.1%, suggesting rotation of capital away from the apex cryptocurrency.

The pullback resulted in liquidations worth more than $690 million in the last 24 hours, with long liquidations accounting for $489 million.

Bitcoin’s Open Interest dropped 0.73% in the last 24 hours. Meanwhile, bets against the cryptocurrency in the Binance derivatives market fell sharply, although the majority were still bearish.

“Greed” sentiment prevailed in the market, according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.29 trillion, following a 1.93% decline in the last 24 hours.

Stocks started the fresh trading week with a bang. The Dow Jones Industrial Average soared 1,160.72 points, or 2.81%, to end at 42,410.10. The S&P 500 rose 3.26% to close at 5,844.19, while the tech-focused Nasdaq Composite popped 4.35% to end at 18,708.34.

The surge came after the U.S. and China agreed to slash their retaliatory tariffs by over 100 percentage points, allaying concerns of a trade war.

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Analyst Notes: Cryptocurrency analyst and trader Michaël van de Poppe said he would be interested in the $2,100-$2,250 area if Ethereum sees a pullback.

“I expect shallow corrections, but would be diving into these as opportunities,” the trader revealed his strategy.

Another widely followed analyst, Rekt Capital, noted that ETH has reclaimed the $2200-$4000 macro range and will “likely” lift across the range over time.

“Any dips, if needed at all, would only solidify $2,200 as range low support,” the analyst predicted.

Photo Courtesy: alfernec on Shutterstock.com

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