Leading cryptocurrencies dipped alongside stock futures on Sunday as investors assessed President Donald Trump‘s final warning to Iran over the Strait of Hormuz.

Bitcoin dived below $68,000 late afternoon but pared losses overnight, while trading volume jumped 13% over the last 24 hours.

Ethereum fell to an intraday low of $2,027, with 24-hour trading volume up 31%. XRP and Dogecoin also traded in the red.

Over $330 million was liquidated from the cryptocurrency market over the past 24 hours, with $241 in long positions obliterated, according to Coinglass data.

Open interest in Bitcoin futures fell 0.21% in the last 24 hours. Meanwhile, Binance’s derivatives traders, including retail and whale, stayed long on the apex cryptocurrency.

“Extreme Fear” sentiment persisted in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.42 trillion, following a modest drop of 0.83% over the last 24 hours.

Stock futures edged lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 116 points, or 0.25%, as of 8:43 p.m. EDT.  Futures tied to the S&P 500 slid 0.36%, while Nasdaq 100 Futures lost 0.48%.

Trump escalated pressure with a 48-hour ultimatum calling for the Strait of Hormuz to be opened immediately and warned of strikes on Iranian power plants if the waterway remained closed.

Iran’s Revolutionary Guards warned they will fully close the Strait of Hormuz and retaliate against companies holding U.S. shares if their energy infrastructure is targeted, according to Reuters.

West Texas Intermediate Crude Futures eased at $98.19 per barrel, while the Benchmark Brent crude dropped 0.66% to $111.45 per barrel.

Michaël van de Poppe, a well-known cryptocurrency analyst, spotted a “fairly big gap” between the current total cryptocurrency market cap, i.e, $2.42 trillion, and the rising 21-week moving average around $2.8 trillion.

“It does mean that we’ll get there at some point in time. Probably in the next 2-4 weeks,” Van De Poppe projected. “Anyways, the key point is that this is still a good zone to accumulate.”

Leading cryptocurrency analyst and trader Ali Martinez spotted Ethereum forming a multi-year ascending triangle on the weekly chart, hinting at a bullish breakout toward $10,000.

The ascending triangle pattern is a bullish continuation pattern, formed by two key components: a flat upper resistance line above the pattern and an upward-sloping support line lying below the pattern. 

“The recent move toward $1,800 served as a critical reaction point, aligning with the rising trendline of this multi-year structure,” the analyst stated.

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