Bitcoin, Ethereum, XRP, Dogecoin Slide Even As Michael Saylor’s Strategy Inc Resumes Buying BTC: Analyst Says ‘Buy’ The ETH Dip
June 8, 2026
Leading cryptocurrencies dipped, while major stock indexes closed higher on Monday as investors pinned hopes on a lasting ceasefire in the Middle East.
|
Cryptocurrency |
24-Hour Gains +/- |
Price (Recorded at 9:10 p.m. EDT) |
|---|---|---|
|
Bitcoin (CRYPTO: BTC) |
-1.04% |
$62,642.55 |
|
Ethereum (CRYPTO: ETH) |
-1.74% |
$1,662.25 |
|
XRP (CRYPTO: XRP) |
-0.49% |
$1.15 |
|
Solana (CRYPTO: SOL) |
-1.37% |
$65.52 |
|
Dogecoin (CRYPTO: DOGE) |
-1.37% |
$0.08489 |
Crypto Market Stagnates
Bitcoin wobbled in the area between $62,000 and $64,000, while trading volume dipped. Ethereum briefly surged above $1,700 in the evening before pulling back to $1,660.
Cryptocurrency-related stocks rallied, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 5.61% and 5.97%, respectively. Strategy reported its first Bitcoin purchase since selling 32 BTC at $77,135 last week.
Over $280 million was liquidated from the market in the last 24 hours, predominantly in long positions, according to Coinglass data, predominantly in short liquidations.
Bitcoin’s open interest fell 0.56% in the last 24 hours. Interestingly, retail and whale derivatives traders on Binance were betting on BTC’s price increase, as shown by the significantly higher proportion of long positions compared to shorts.
“Extreme Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:10 p.m. EDT) |
|
FTX Token (FTT) |
+38.12% |
$0.3287 |
|
ETHGas (GWEI) |
+32.96% |
$0.1702 |
|
Velvet (VELVET) |
+23.11% |
$0.3169 |
The global cryptocurrency market capitalization stood at $2.16 trillion, contracting 1.07% over the last 24 hours.
Read Also: Raoul Pal Says 3 Crypto Coins Will Dominate The Next Decade—And XRP Is Not One Of Them
Stocks Jump On Hopes Of De-escalation
Major indexes began the fresh trading week on a high. The S&P 500 rallied 0.30% to close at 7,405.73, while the tech-focused Nasdaq Composite rose 0.86% to end at 25,929.66. The Dow Jones Industrial Average was the outlier, retreating 80.77 points, or 0.16%, to settle at 50,786.01.
President Donald Trump stated that Iran and Israel are seeking an “immediate ceasefire” after the two countries hit each other with missiles on Sunday.
However, Iran has warned of “harsher attacks” if Israeli strikes on Lebanon resume, while Benjamin Netanyahu said Israel reserved “the full right to self-defense.”
Futures Driving Bitcoin’s Slide?
Blockchain analytics firm CryptoQuant said that “pressure” from the derivatives market is one of the main factors behind Bitcoin’s sharp correction.
The futures market generates trading volumes “nearly ten times larger” than the spot market, the research firm noted.
“With futures volumes continuing to dwarf those of the spot market, their influence on Bitcoin’s price action has become increasingly significant,” CryptoQuant added.
Bitcoin dropped 16% as derivatives traders drove a wave of capitulation
“With futures volumes continuing to dwarf those of the spot market, their influence on Bitcoin’s price action has become increasingly significant.” – By @Darkfost_Coc pic.twitter.com/PFyy6BhCll
— CryptoQuant.com (@cryptoquant_com) June 8, 2026
Widely followed cryptocurrency analyst and trader Ali Martinez deemed Ethereum below the 0.8 Market Value to Realized Value band as a “high-probability long-term accumulation zone, urging investors to “buy the dip.”
These pricing bands use statistical deviation from the Market Value to Realized Value ratio’s all-time average to identify potential market tops and bottoms.
Ethereum $ETH below the 0.8 MVRV Pricing Band is a high-probability long-term accumulation zone.
Buy the dip! https://t.co/LNkygeXO5n pic.twitter.com/2GYDUzFnQi
— Ali Charts (@alicharts) June 8, 2026
Read Also: Michael Saylor Touts STRC Dividend Win—Peter Schiff Calls It A Way To Prop Up Bitcoin
Photo Courtesy: KateStock on Shutterstock.com
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This article Bitcoin, Ethereum, XRP, Dogecoin Slide Even As Michael Saylor's Strategy Inc Resumes Buying BTC: Analyst Says 'Buy' The ETH Dip originally appeared on Benzinga.com
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