Leading cryptocurrencies fell alongside stocks on Wednesday as the U.S. strikes against Iran threaten peace negotiations.
Crypto Market Shakes
Bitcoin slipped under $61,500, then climbed back above $62,000 overnight. Ethereum oscillated within the $1,700 region, even as the 24-hour trading volume saw an uptick. XRP and Dogecoin sank lower.
Cryptocurrency-related stocks also slipped, with Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closing down 3.58% and 2.54%, respectively.
Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $261 million in bullish long positions alone wiped out, according to Coinglass data.
Nearly $400 million in Bitcoin longs risked liquidation if the apex cryptocurrency falls to $60,000.
Bitcoin’s open interest slid 1.40% over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bearish” on Binance.
Top Gainers (24 Hours)
|
Cryptocurrency (Market Cap>$100 M) |
Gains +/- |
Price (Recorded at 9:20 p.m. EDT) |
|
UnifAI Network (UAI) |
+16.21% |
$0.4176 |
|
Apecoin (APE) |
+11.02% |
$0.1609 |
|
Cash Cat (CASHCAT) |
+9.40% |
$0.1245 |
The global cryptocurrency market capitalization stood at $2.15 trillion, contracting 1.67% over the last 24 hours.
Read Also:Bitcoin Dumps on Trump Iran Comments but History Says July Should Be Green Anyways
Stocks Dive As Iran Strikes Intensify
Stocks slipped further on Wednesday. The Dow Jones Industrial Average declined 576.76 points, or 1.09%, to end at 52,348.39. The S&P 500 lost 0.28% to close at 7,482.71. The Nasdaq Composite was the outlier, rising 0.2% to close at 25,870.65.
President Donald Trump reposted news of strikes on Iran’s southeastern city of Chahbahar on his Truth social, saying, “This is in retribution for yesterday’s bombing of ships by Iran. If it happens again, it will get much worse.”
Earlier in the day, he declared that the tentative ceasefire and memorandum of understanding with Iran is “over,” sending markets reeling.
Bitcoin To Struggle In Short Term?
On-chain analytics firm Santiment highlighted a sharp jump in “war-related crypto chatter,” anticipating increased volatility in the days ahead.
Source: Original Article
