Bitcoin (BTC) and Ethereum (ETH) Corrected on Monday Even as the U.S. and China Slashed Tariffs to Avert a Trade War

Bitcoin witnessed a big sell-off after the market opened, slipping below $100000, but recovered to the mid-$100000s by evening.

Cryptocurrencies rebounded on Monday evening, recovering slightly from massive liquidations that saw more than $690 million liquidated in the last 24 hours. The liquidations were triggered by a selloff in the crypto market, which came despite the U.S. and China slashing tariffs to avert a trade war.

What Happened: Bitcoin slipped below $101,000 as the market opened, but recovered to the mid-$102,000s by evening. The apex cryptocurrency is now trading at $102,478.8, a 0.64% increase in the last 24 hours.

The world's oldest cryptocurrency had slipped to $98,000 earlier in the day, leading to a brief return of the crucial $100,000 support level.

At press time, Bitcoin's market dominance stood at 61.9%, while Ethereum's share rose to 9.1%, suggesting a rotation of capital away from the apex cryptocurrency.

Ethereum traders cashed in on Monday, dragging its price to $2,411.59. However, the second-largest cryptocurrency recovered to the $2,500s by evening.

The pullback resulted in liquidations of more than $690 million in the last 24 hours, with long liquidations accounting for $489 million.

Bitcoin's Open Interest also dropped 0.73% in the last 24 hours. Meanwhile, bets against the cryptocurrency in the Binance derivatives market fell sharply, although the majority were still bearish.

"Greed" sentiment now prevails in the market, according to the Crypto Fear and Greed Index. The index score on Monday was 64, a significant increase from the "neutral" level of 40 on Sunday.

Top Gainers (24 Hours)

The global cryptocurrency market cap now stands at $3.29 trillion, following a 1.93% decrease in the last 24 hours.

Stocks started the fresh trading week with a bang. The Dow Jones Industrial Average soared 1,160.72 points, or 2.81%, to end at 42,410.10. The S&P 500 rose 3.26%, closing at 5,844.19, while the tech-focused Nasdaq Composite popped 4.35%, finishing at 18,708.34.

The surge came after the U.S. and China agreed to slash their retaliatory tariffs by over 100 percentage points, allaying concerns of a trade war.

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Analyst Notes: Cryptocurrency analyst and trader Michaël van de Poppe said he would be interested in the $2,100-$2,250 area if Ethereum sees a pullback.

"I expect shallow corrections, but would be diving into these as opportunities," the trader revealed his strategy.

Another widely followed analyst, Rekt Capital, noted that ETH has now fully reclaimed the $2200-$4000 macro range and will "likely" lift across the range over time.

"Any dips, if needed at all, would only serve to further solidify $2200 as range low support," the analyst predicted.

Photo Courtesy: alfernec on Shutterstock.com

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This article originally appeared on Benzinga