Leading cryptocurrencies fell on Tuesday ahead of the high-stakes call between President Donald Trump and Chinese President Xi Jinping.

What Happened: Bitcoin reached an intraday high of $106,813.58 in the early trading hours before hitting a ceiling and falling back to the $105,000 region. Ethereum, the second-largest cryptocurrency, recorded a similar trajectory, rallying to $2,650 before reversing to the late $2,500s. 

The two blue-chip currencies recorded a dip in 24-hour trading volumes.

The cryptocurrency market saw some drama after a cryptocurrency wallet bearing the Trump name surfaced. However, the Trump family denied any involvement with the wallet.

About $155 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish bets worth $94 million getting erased.

Bitcoin’s Open Interest dropped 2.48% in the last 24 hours, while Ethereum experienced a 317% drop in funds locked in derivatives. Binance traders with open BTC positions increased their short exposure as the Long/Short ratio fell below 1.

The “Greed” sentiment lingered despite the pullback, according to the Crypto Fear & Greed Index. 

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.33 trillion, following a dip of 0.31% in the last 24 hours. 

Stocks rose further on Tuesday. The Dow Jones Industrial Average spiked 214.16 points, or 0.51%, to end at 42,519.64. The S&P 500 gained 0.58% to close at 5,970.37, while the tech-heavy Nasdaq Composite climbed 0.81% to finish at 19,398.96.

The advance comes in anticipation of a high-stakes call between Trump and Jinpingon trade deals, which the White House says is likely to take place this week.

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Analyst Notes: Blockchain analytics firm CryptoQuant said Bitcoin was targeting $96,000, a key support level that aligns with the average purchase price of short-term investors.

“This level is considered a potential rebound point in the event of a mild price correction,” CryptoQuant added. “If liquidity is available, it is advisable to wait and observe market movements, with the possibility of entering new positions after the anticipated correction completes.”

Widely followed cryptocurrency commentator BitBull dismissed talks of an Ethereum top, suggesting that it’s “way too early.” 

“To me its looks like ETH is doing healthy retests. One more hit and it’s bound to break,” the analyst said. “If it is true, Ethereum could send towards $3,000+ next.”

Photo Courtesy: Antonio Gravante On Shutterstock.com

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