Bitcoin, Ethereum, XRP, Dogecoin Rally as 'Extreme Fear' Persists: Analyst Expects a 'Quick' Move Upward for BTC After 'Shallow' Correction
Leading cryptocurrencies gained alongside stock futures on Sunday as investors braced for the release of the Federal Reserve's June meeting minutes. Crypto Market Lifts Bitcoin spiked late evening, nearly breaking $64,000, as trading volume increased marginally. Ethereum broke through $1,800, with a 41% jumpe in 24-hour volume, while XRP and Dogecoin inched higher. Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $108 million in bearish short positions, according to Coinglass data. Bitcoin's open interest rose 1.21% over the last 24 hours. Meanwhile, retail and whale derivatives traders remained net long on the apex cryptocurrency. "Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index. Top Gainers (24 Hours) Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:15 p.m. EDT) Lighter (LIT) +18.00% $2.57 Unibase (UB) +12.12% $0.1048 Ribbita by Virtuals (TIBBIR) +11.76% $0.1265 The global cryptocurrency market capitalization stood at $2.13 trillion, representing a 2.39% increase over the last 24 hours. Read Also:Bitcoin Mining Stocks IREN, RIOT, and MARA Slide as AI Pivot Faces Fresh Headwinds Stocks Futures Rise Stock futures edged higher overnight on Sunday. The Dow Jones Industrial Average Futures rose 82 points, or 0.15%, as of 8:45 p.m. EDT. Futures tied to the S&P 500 spiked 0.54%, while Nasdaq 100 Futures rallied 1.36%. Eyes will be on the Federal Reserve this week as traders await the minutes of the June meeting, the first chaired by new Chairman Kevin Warsh, which are due on Wednesday. The central bank kept the federal funds rate steady in a target range of 3.50% to 3.75% Macro Pullback Phase? Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted a sharp drop in stablecoin supply over the last two months, owing to "heavy capital redemptions" from Tether (CRYPTO: USDT) and USDC (CRYPTO: USDC)—the two biggest stablecoins by market capitalization. "Stablecoin contraction historically reflects a macro pullback phase, as active capital is redeemed for fiat or sidelined during broad market corrections," the analyst stated. STABLECOIN SUPPLY DROPS BY $10 BILLIONThe aggregated market cap of the top stablecoins has dropped by $10 billion over the past two months, bringing the total stablecoin supply down to roughly $263 billion.On-chain data reveals this reduction is driven by heavy capital… pic.twitter.com/iVnF4IaAGZ — Ali Charts (@alicharts) July 5, 2026 Michaël van de Poppe, another popular cryptocurrency commentator, expressed optimism for a "shallow" BTC correction followed by a swift rebound, viewing it as the catalyst to reclaim the 200-week moving average, around approximately $62,500-$62,600, and exit the bearish price action. I'm going to be very happy if there's a shallow correction on $BTC and a quick move upwards after that.We'll be back above the 200-Week MA and are likely going to be leaving behind the current price action and bear market. pic.twitter.com/MmEuPE0LUP — Michaël van de Poppe (@CryptoMichNL) July 5, 2026 Read Also:Bitcoin Can Help to Protect the 'Fruit' Of Your Work, Says Ledger Co-Founder Photo: KateStock / Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga: This article Bitcoin, Ethereum, XRP, Dogecoin Rally as 'Extreme Fear' Persists: Analyst Expects a 'Quick' Move Upward for BTC After 'Shallow' Correction originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
