The cryptocurrency market opened the new week candle bullish, with Bitcoin and Ether all racing to new monthly highs. Bitcoin, the leading cryptocurrency by market cap, touched the $70,000 level for the first time in nearly two weeks, while Ether approached the $2,200 psychological zone. Cardano’s ADA also raced above $0.2500 on Monday. However, the market has since reversed, with Bitcoin now trading around $68,700. ADA has dropped below the $0.2500 level at press time on Tuesday, amid a broader cryptocurrency market that is whipsawing ahead of the US-Iran deadline. In addition to that, derivatives data suggests a near-term risk-off sentiment among traders, while on-chain data shows large wallet investors, commonly known as whales, accumulating for the long term.
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