Cryptocurrencies remained largely unchanged on Monday as uncertainty over tariffs reduced traders’ risk appetite. Bitcoin, the world’s leading cryptocurrency, remained in the mid-$93,000 range.

What Happened: Bitcoin moved in a choppy manner throughout the day as it slid from the early $95,000 levels to the mid-$93,000s. The apex cryptocurrency hit an intraday high of $95,193.19.

Ethereum also had a choppy trading day as it remained in the $1,800 region. The second-largest cryptocurrency saw its trading volume increase by 27% over the last 24 hours.

President Donald Trump appeared to endorse cryptocurrencies in an interview, calling it a “popular” and “hot” sector.

About $146 million was liquidated from the cryptocurrency market over the last 24 hours, with bullish long bets being liquidated the most at $83.75 million.

However, over $500 million in Bitcoin shorts risked liquidation if the leading cryptocurrency rose to the $97,000 level.

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

Shifting to the broader market, the Crypto Fear and Greed Index had shifted into “Greed” territory.

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The global cryptocurrency market cap now stands at $2.94 trillion, following a minor 0.04% contraction over the last 24 hours.

In other market news, stocks had a minor setback after a nine-day winning streak. The S&P 500 closed 0.64% lower at 5,650.38. The Dow Jones Industrial Average slid by 98.60 points, or 0.24%, to end at 41,218.83. Meanwhile, the tech-focused Nasdaq Composite dipped by 0.74%, closing at 17,844.24.

This slide follows President Trump's proposal of a 100% tariff on foreign-produced movies, which brought some nervousness to the entertainment sector. Shares of Walt Disney Co. (NYSE:DIS) and Warner Bros. Discovery, Inc. (NASDAQ:WBD) decreased by 0.41% and 1.99%, respectively, during the session.

Moreover, the deadlock over the trade deal between the U.S. and China continued as President Trump stated he did not plan to speak with Chinese President Xi Jinping.

Now, investors will turn their attention to the Federal Reserve's policy meeting, which is set to begin on Tuesday.

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Analyst Notes: Blockchain analytics firm CryptoQuant has observed that despite Ethereum’s prolonged downtrend, accumulating addresses have maintained their strategy, highlighting their long-term belief in the asset.

"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 stated.

According to cryptocurrency analyst Michaël van de Poppe, the rally in gold suggests 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.