Leading cryptocurrencies dived, while stocks closed at record highs on Tuesday as Middle East tensions remained elevated.

Bears Dominate Crypto Market

Bitcoin sank below $76,000, with trading volume soaring 76% in the last 24 hours. Selling pressure also increased for Ethereum, while XRP and Dogecoin stalled.

Over $300 million was liquidated from the cryptocurrency market in the past 24 hours, with $200 million in long position erased, according to Coinglass data.

Bitcoin’s open interest jumped 4% over the last 24 hours. An increase in Open Interest alongside a drop in the spot price typically indicates that short sellers are entering new positions, which in turn reflects high bearish…

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