Crypto Markets Rebound on Tuesday, Bitcoin Pulls Back After $80,000 Milestone

Cryptocurrency markets took a downturn on Tuesday, with Bitcoin, Ethereum, XRP, and Dogecoin all experiencing losses. Despite reaching new heights, Bitcoin pulled back after hitting the key $80,000 milestone, while trading volume dropped 20% over the past 24 hours.

Ethereum also fell back to the mid-$2,400 range, with XRP and Dogecoin giving back a significant portion of their recent gains. Cryptocurrency-related stocks followed suit, with Strategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) experiencing declines.

The global cryptocurrency market capitalization contracted by 1.29% over the last 24 hours, reaching $2.65 trillion. Notably, more than $620 million in cryptocurrency positions were liquidated, with long liquidations slightly exceeding short liquidations.