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The cryptocurrency market continues to show resilience, with Bitcoin (BTC) testing levels above $106,000, and Ethereum (ETH), XRP holding firm above key levels.
Meanwhile, SEI outpaced peers as a major news announcement injected bullish momentum.
However, with sentiment across the markets largely negative amid the Middle East conflict, a seesaw on Wall Street also saw BTC and top altcoins pare gains amid some downside volatility.
Broader crypto market wrap
The global crypto market capitalization hovered at $3.24 trillion, up just 0.18% at the time of writing.
Also, per CoinMarketCap data, the global daily trading volume was down 7.6% to approximately $89.4 billion, with the crypto fear & greed index neutral amid a cautious market sentiment.
Elsewhere, the total liquidations reached $197 million, up 57% in 24 hours, as geopolitical uncertainties and leveraged positions unwind triggered traders.
The outlook across crypto had largely mirrored Wall Street, with equity markets gaining on Friday after President Donald Trump’s decision to delay military action against Iran eased fears of escalation.
However, the risk-on sentiment, bolstered by Fed Governor Christopher Waller’s comments suggesting steady rates with two cuts projected for 2025, failed to strengthen. U.S. stocks were thus largely flat as crypto tokens also gave up gains.
Earlier in the day, analysts at QCP Group had shared their outlook for the market.
Asia Colour – 20 Jun 25 1/ Markets are in limbo. Participants are digesting geopolitical headlines and recalibrating risk amid rising tensions. Volatility may just be taking a breather, not gone.
Bitcoin pares gains after spike to $106k
Bitcoin surged to $106,539 early Friday, but later pared gains to trade near $104,440 at the time of writing.
As noted, the rally had aligned with a broader equity market uptick, as the S&P 500 and Nasdaq advanced following Trump’s de-escalation move.
Waller’s remarks, emphasizing a cautious monetary policy, said the Fed could cut rates as soon as July. While the developments helped BTC higher, bearish pressure remained.
QCP analysts noted this about Bitcoin price:
“Crypto stays quiet, but under the hood, risk sentiment is shifting. $BTC and $ETH risk reversals favor downside, pointing to active hedging. $ETH’s June implied vol has dipped below September, a rare flip suggesting fading short-term event risk.”
ETH, XRP see uptick
Ethereum climbed to $2,569, rebounding from a 24-hour low of $2,486. While bears could target fresh lows, bulls are holding strong. Recent ETF inflows, with BlackRock’s ETHA adding $600 million recently, and historic staking highs of 35 million ETH, underscore institutional interest and reduced liquid supply.
Elsewhere, XRP rose to $2.17 before paring gains. Bulls nonetheless look strong above $2 despite a failed breakout above $2.30. Positive sentiment from a Canadian spot XRP ETF approval and Ripple’s growing role in cross-border payments bolster this resilience.
SEI among top gainers
SEI price surged over 15% in early trading on Friday, leading the top 100 cryptocurrencies by market cap.
The rally, fueled by the Sei Network’s announcement of a Wyoming-backed stablecoin initiative, saw SEI reach highs above $0.21.
Other notable performers included Story and GateToken.
Top crypto losers today
While cryptocurrencies looked to bounce higher, a few within the top 100 plummeted.
SPX6900 fell nearly 12%, Fartcoin dropped 9%, and Aerodrome Finance declined 6%. Profit-taking appears to be the primary catalyst, as SPX and AERO were among the top gainers earlier in the week.
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