Ether (ETH), the second-largest cryptocurrency by market value, hovered just above $3,100 in the early US afternoon hours on Monday, struggling to maintain gains made since the crypto market's panic sell-off on Saturday.
While ETH gained 4% in the last 24 hours, it is down about 4% since rising to nearly $3,300 early Monday following news (as yet unconfirmed) that several Hong Kong-based spot Bitcoin – and Ether ETFs have been approved.
Bearish pressure on Bitcoin (BTC) has also resumed, with the cryptocurrency falling slightly to $64,200 in the last 24 hours after hitting nearly $67,000 early Monday.
In addition, Solana (SOL) gave up a large part of its overnight gains and fell from as much as $155 to around $140 early Monday morning. That's also down from $175 reached on Friday.
Bitcoin, Ether and the rest of the cryptocurrency tumbled on Saturday – Bitcoin fell to the $61,000 range and Ether to under $3,000 – as Iran launched a bombing campaign against Israel, but the sector had rebounded later in the weekend gained a bit of a foothold.
Singapore-based digital asset trading house QCP Capital said in a note to investors that buying on dips when major geopolitical conflicts erupt has historically been a profitable trade.
Ed Goh, head of trading at liquidity provider B2C2, said the company has seen consistent buying in BTC, particularly during the weekend decline. “57% of our cash flow went to the buy side,” Goh said. He also added that altcoin activity remains high and a tendency to buy altcoins has been noticed.
Bitcoin's halving event is fast approaching on April 19, and some traders are predicting that there could be a short-term “sell the news” reaction before and after the event.
Despite the setbacks, some altcoins continued to post significant gains on Monday, with Ondo Finance (ONDO) gaining 15% in the last 24 hours, while Renders RNDR gained 12% and The Graph (GRT) gained 9%.
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