Cryptocurrency Markets Swing on Iran Tensions and Corporate Selling Pressure

Cryptocurrency markets remained volatile on Monday as traders weighed the risks of potential conflict in Iran against selling pressure from large corporate Bitcoin treasuries.

Bitcoin rose to an intraday high of $64,020 before pulling back to around $62,000, while Ethereum remained stuck in the $1,800 region. The global cryptocurrency market capitalization fell 0.79% over the last 24 hours to $2.2 trillion.

An increase in open interest alongside an increase in price indicates long buildup, meaning new buyers are entering the market. According to Coinglass data, over $240 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more vis-à-vis long position traders.

CryptoQuant noted that Bitcoin's Adaptive Sell-side Risk Ratio has declined to levels historically associated with accumulation phases. However, this does not mean a local bottom has already formed, according to CryptoQuant.