Crypto Markets Stay Flat as Dollar Hits 18-Month High

Major cryptocurrencies, including Bitcoin, Ethereum, XRP, and Dogecoin, traded in a narrow range on Monday as the U.S. dollar reached an 18-month high. The stronger dollar exerted pressure on risk assets, but Bitcoin managed to hold above its 50-week moving average, unlike gold, which weakened below its own.

Data from Coinglass revealed that 65,022 traders were liquidated in the past 24 hours, amounting to $240.54 million. Meanwhile, SoSoValue reported net inflows of $189.8 million into spot Bitcoin ETFs on Friday, while spot Ethereum ETFs saw net outflows of $37.4 million.

Among individual cryptocurrencies, Cardano, Lighter, and OKB emerged as top gainers in the past 24 hours. Analysts highlighted several notable developments, including a potential breakout for Dogecoin and significant Bitcoin purchases by Strategy Asset Management.

Michael Howell, in an interview with Scott Melker, emphasized Bitcoin’s resilience near $86,000 despite the dollar’s strength. He noted that Bitcoin is highly sensitive to global liquidity conditions and could serve as a strong hedge against monetary inflation. However, he also warned of a near-term correction risk due to potential liquidity squeeze or equity correction.