Bitcoin (BTC) and Ethereum (ETH) Advance on Labor Day Holiday as Stocks Remain Paused

Leading cryptocurrencies advanced on Monday even as stocks remained paused for Labor Day.

Leading cryptocurrencies advanced on Monday even as stocks remained paused for Labor Day.

What Happened: Bitcoin trended upwards throughout the day, breaching past $59,000 in the evening. This marked a reversal from Sunday's price action that saw the leading cryptocurrency sink below $58,000 for the first time in more than two weeks.

The second-largest cryptocurrency, Ethereum, also gained significant elevation, rising as high as $2,550 before cooling down to $2,530.

In the past 24 hours, 32,150 traders were liquidated, with the total liquidations at $77.76 million. Over $47 million in downside bets was wiped out.

Bitcoin's Open Interest jumped 3.32% in the past 24 hours. A rise in OI, coupled with a price rise, indicated an increase in speculative interest among futures traders.

The Longs/Shorts ratio for Bitcoin remained little changed, with bullish bets outnumbering bearish bets as of this writing.

The market remained in "Fear" as of this writing, according to the Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market stood at $2.07 trillion, following an increase of nearly 8% in the last 24 hours.

The market was closed on Monday due to the Labor Day holiday.

Stock futures were little changed Monday overnight. The Dow Jones Industrial Average Futures were down 58 points, or 0.13%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 dipped 0.08%, while Nasdaq 100 Futures slipped 0.18%.

September will be an important month for investors as the Federal Reserve is set to decide on the monetary policy in the upcoming FOMC meeting on Sept. 18. According to the CME FedWatch Tool, investors have priced in a 69% chance of a rate cut to the 5%-5.25% range.

See More: Best Cryptocurrency Scanners

Analyst Notes: On-chain analytics firm Santiment interpreted Bitcoin's rise on the Labor Day holiday as a "promising hint" of the market's strength.

It also noted growing crowd negativity and FUD for cryptocurrencies, something that could trigger a price rebound soon.

Popular cryptocurrency trader Daniel Nita outlined his expectations for Bitcoin in September.

"First half bearish second bullish," the trader expected. However, he noted that this was based on the market sentiment and Bitcoin’s historical price movement in September.

It's worth noting that Bitcoin has incurred losses of 4.34% in September on average for the last 10 years or so, according to Coinglass.

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