The cryptocurrency has recovered from the tumble caused by the Middle East conflict nearly two weeks ago, but it’s been mostly flat since yesterday.
BTC Mostly Flat as Stocks Soar
The tech-focused Nasdaq index reached a record closing on Tuesday, rallying all the way to 22,190.52, and the S&P 500 is also hovering mere inches away from its own all-time high, but bitcoin appears to have stalled at $107K after rebounding from the sub-$100K prices seen right after the start of the Israel-Iran war on June 13.
Stock markets have shown surprising resilience in the face of compounding macroeconomic adversity. First it was tariffs, then it was the Fed’s reluctance to cut rates, and most recently it has been the unfolding conflict in the Middle East which still isn’t fully resolved.
But despite fears of a global trade war after the Trump administration introduced its controversial tariff policy and the possibility of a spike in oil prices after Israel and the U.S. attacked Iran, stock markets have continued to rally. Bitcoin however, has been on the sidelines, holding steady at $107K.
Overview of Market Metrics
Bitcoin was trading at $107,217.18 at the time of reporting, down slightly by 0.15% over the past 24 hours. The price has moved within a relatively narrow range of $106,666.35 to $108,305.54 since yesterday. The cryptocurrency remains up 2.77% on the week.
Trading volume over 24 hours slipped 15.46% to $44.03 billion, indicating cooling market activity. Bitcoin’s total market capitalization edged lower to $2.13 trillion, down 0.16% from yesterday. BTC dominance however, has been rising for the past few days and currently stands at 65.91%, a 0.30% gain from yesterday.
BTC futures open interest dipped slightly by 0.72% to $73.82 billion, and Coinglass liquidation data shows a grand total of $42.75 million in liquidations. Roughly $27.45 million of that was from bearish short positions and the rest, $15.30 million, was from overeager longs.
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