Bitcoin, Ethereum, XRP, Dogecoin Crack as Trump Says 'We Don't Need a Deal With Iran': Analyst Warns BTC's Correction Could Deepen
benzinga.com
1 h
Leading cryptocurrencies plunged deeper on Thursday as investors weighed President Donald Trump’s latest remarks on Iran.
Cryptocurrency
24-Hour Gains +/-
Price (Recorded at 8:24 p.m. ET)
Bitcoin (CRYPTO: $BTC)
-3.80%
$70,887.45
Ethereum (CRYPTO: ETH)
-2.0%
$2,008.24
$XRP (CRYPTO: $XRP)
-1.80%
$1.03
Solana (CRYPTO: SOL)
-2.10%
$81.33
Dogecoin (CRYPTO: DOGE)
-1.50%
$0.06625
Crypto Market Tumbles
Bitcoin fell below $71,000 for the first time in nearly three months, while Ethereum slipped below $2,000 as major cryptocurrencies faced heavy selling pressure.
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Cryptocurrency-related stocks also fell, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 6.49% and 4.13%, respectively.
Over $680 million in cryptocurrency positions were liquidated in the past 24 hours, with roughly $600 million coming from bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 1.21% over the last 24 hours. $BTC’s Long/Short Ratio fell to 0.79, indicating high bearish exposure.
Market sentiment plunged into "Extreme Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 8:24 p.m. ET)
Beldex (BDX)
+4.90%
$0.0726
MemeCore (M)
+4.70%
$0.8181
Pyth Network (PYTH)
+4.70%
$0.06746
Stock Market Makes a U-Turn
The Dow Jones Industrial Average lost 189.40 points, or 0.36%, to close at 52,297.09. The S&P 500 fell 0.35% to end at 7,592.40, while the Nasdaq Composite closed 0.39% higher at 25,366.09.
Geopolitical tensions escalated after Trump said in a Truth Social post, "We don’t need a deal with Iran.”
Iranian Security Chief Mohsen Rezaee warned that and the Middle East if Washington launches another round of strikes against Iran.
Source: Truth Social
Will $BTC’s Correction Deepen?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin’s nearly 20% decline since early October and its break below the 200-day simple moving average.
“The level I’m watching now is $73,100. Reclaiming it could keep recovery hopes alive,” Martinez stated. “But if $BTC remains below it, the correction could deepen.”
On-chain analytics firm Santiment tracked Bitcoin’s declining social volume around three key “fear” drivers: U.S.-Iran war tensions, Binance’s record $6.3 billion hack and political worries after Democrats won both congressional chambers.
“With roughly seven weeks left in 2026, a relief rally becomes more plausible if $BTC can stabilize while focus can finally turn back toward more organic cryptocurrency market cap growth,” the firm added.
benzinga.com
