Bitcoin, Ethereum, XRP, Dogecoin Extend Decline: Analyst Dismisses Midterm 'Fear,' Says Even if Democrats Win, 'Nothing Big' Likely to Happen
Major cryptocurrencies declined on Monday amid the fallout from the Binance hack and uncertainty ahead of the midterm elections.Cryptocurrency24-Hour Gains +/-Price (Recorded at 8:24 p.m. ET)Bitcoin -1.70%$77,187.98Ethereum -0.90%$2,259.40XRP -0.10%$1.25Solana -2.40%$92.46Dogecoin -1.60%$0.07444Crypto Market Stays in the RedBitcoin fell steadily through the day, touching an intraday low of $76,281 before recovering somewhat in the evening. Ethereum continued to trade in the tight range between $2,235 and $2,309.Cryptocurrency-related stocks also fell, with Coinbase Global Inc. and Bitmine Immersion Technologies Inc. closing down 3.98% and 3.20%, respectively.More than $370 million in cryptocurrency positions were liquidated over the past 24 hours, including roughly $300 million in bullish long positions, according to Coinglass.Interestingly, Bitcoin’s open interest rose 2.22% over the last 24 hours. A falling price combined with rising open interest indicates a short build-up, meaning that short-sellers are initiating new positions.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 8:24 p.m. ET)Rain (RAIN) +13.20% $0.006679Binance Life (BinanceLife) +2.60% $0.5359Tron (TRX) +2.20% $0.3199Dow Gains, Tech Stocks SlideThe stock market had a mixed session on Monday. The Dow Jones Industrial Average rose 213.67 points, or 0.41%, to end at 51,983.98. The S&P 500, in contrast, slid 0.51% to close at 7,541.40, while the tech-heavy Nasdaq Composite fell 1.07% to end at 25,164.32,Peace negotiations between the U.S. and Iran advanced. Vice President JD Vance reportedly sent a message to Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, .This helped bring oil prices down significantly. The United States Oil Fund ), which tracks West Texas Intermediate crude oil, plunged 7.08% to close the session at $156.87.Midterms Heavily Priced In?Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, argued that midterm uncertainty is overblown, and Bitcoin’s correction is already “heavily” priced in.“Even if the Democrats win, nothing big is likely going to happen; most likely there’s going to be more “calm,” and it’s actually bullish for the markets, just like every year after the midterms has been great,” the analyst stated.He advised his followers to “buy the dip” and be “patient.”The midterms are already priced into the markets.There's so much fear surrounding the midterms, that, especially crypto, we're seeing a correction in due to the upcoming midterms.Polymarket bets are at 74% for the Senate and 95% for the House for Democrats.Surely…On-chain analytics firm Santiment said the Binance hack “predictably” worsened cryptocurrency sentiment, with Bitcoin recording 0.69 bullish comments for every bearish comment and XRP at 0.61.“If BTC and XRP sentiment stays below 1.0 while prices stop making new lows, keep an eye out for a likely eventual mid-term relief rally,” Santiment added. “Extreme fear alone does not mark the exact bottom, but fear plus price stabilization has often been a much stronger signal.”🚨 Crypto Sentiment Sinks As Fear Creates Contrarian Opportunity😨 Sentiment around Bitcoin, Ethereum, XRP and other top caps has steadily weakened for nearly two months. The Binance hack predictably accelerated crypto’s sentiment downfall, causing bullish commentary to… Preview Photo Courtesy: Phongphan via Shutterstock.com