Leading cryptocurrencies traded flat on Monday as uncertainty about tariffs calmed investors' risk appetite.

What Happened: Bitcoin wobbled between the mid-$93,000s and the early $95,000s, with the apex cryptocurrency hitting an intraday high of $95,193.19.

Ethereum also experienced a choppy trading day as it wiggled in the $1,800 region. The second-largest cryptocurrency's trading volume rose 27% in the last 24 hours.

President Donald Trump endorsed cryptocurrencies in an interview, deeming it a "popular" and "hot" sector.

About $146 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for $83.75 million.

That said, over $500 million in Bitcoin shorts risked liquidation if the leading cryptocurrency rebounded to $97,000.

The majority of Binance traders with open BTC positions placed bearish bets on Bitcoin, according to the Long/Short Ratio.

On the other hand, the market sentiment shifted to "Greed," according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.94 trillion, following a minor 0.04% contraction in the last 24 hours.

Stocks snapped their winning run Monday. After nine consecutive days of gains, the S&P 500 closed 0.64% lower at 5,650.38. The Dow Jones Industrial Average slid 98.60 points, or 0.24%, to end at 41,218.83. The tech-focused Nasdaq Composite dipped 0.74%, ending at 17,844.24.

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The slide comes after Trump's proposed 100% tariff on foreign-produced movies sent jitters across the entertainment sector. Shares of Walt Disney Co. DIS and Warner Bros. Discovery, Inc. WBD lost 0.41% and 1.99%, respectively, during the session.

Meanwhile, the impasse over the trade deal between the U.S. and China prevailed as Trump said he did not plan to talk with Chinese President Xi Jinping.

Investors will now turn their attention to the Federal Reserve’s policy meeting, which starts on Tuesday.

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Analyst Notes: Blockchain analytics firm CryptoQuant highlighted that despite Ethereum's prolonged downtrend, accumulating addresses have not abandoned their strategy, showcasing their long-term belief in the asset.

"Instead, they increased their ETH exposure: on March 10, they held 15.5356 million ETH, and by May 3, this rose to 19.0378 million ETH, a 22.54% increase," CryptoQuant added.

According to cryptocurrency analyst Michaël van de Poppe, gold’s rally indicated a risk-off mindset ahead of Wednesday’s Federal Reserve meeting. 

"Bitcoin build-up is good, expecting to see ETH turn upwards after Wednesday," the analyst predicted.

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