Bitcoin and ether, the two largest cryptocurrencies, saw marginal gains of 0.5% in the past 24 hours, trading at slightly below $26,700 and $1,630 respectively during Asian afternoon hours on Monday. The CoinDesk Market Index (CMI) also reflected this sluggish trend, rising by a mere 0.3%. This lackluster performance comes as crypto futures liquidations hit their lowest level since mid-August, totaling only $48 million. On the other hand, open interest, which measures the number of futures contracts, increased by 4%, indicating a subdued market sentiment.
Among the major tokens, Toncoin (TON) experienced a 1% drop in value over the past day. This decline is likely attributed to traders capitalizing on last week’s 40% surge following Telegram’s announcement of integrating a TON-based app on its platform. However, the crypto market may face turbulence in the coming days as key decisions loom in traditional markets. Simon Peters, a market analyst at investing platform eToro, commented that “markets could move nervously in the next few days as we await major data prints from the U.K. and U.S., with both countries’ central banks due to announce new rate decisions later this week.”
Peters further pointed out that despite falling inflation rates in both economies, there are indications that this retreat may not be fully felt yet. He emphasized that, like other risk assets, crypto assets are sensitive to rate expectations, and any hardening in tone could leave investor sentiment bearish.
Analysts at the on-chain analytics platform CryptoQuant highlighted that recent price movements have not had a significant impact on the estimated leverage ratio of bitcoin and ether. This ratio, which measures an exchange’s open interest divided by their coin reserves, indicates the average leverage used by users. A flat value suggests low trading interest from futures traders.
It is important to note that this article was generated with the support of AI and reviewed by an editor to ensure accuracy and adherence to journalistic standards.