Crypto Rally Fizzles on Iran Escalation Fears

Share This Post

Bitcoin is trading around $71,000 after reaching $74,000 earlier today.

Crypto markets started Friday firmly in the green, but erased most of their gains after The Wall Street Journal reported that the Pentagon is moving more troops and warships to the Middle East, signaling a potential escalation in the ongoing conflict.

Bitcoin (BTC) is trading at around $71,200, up 2% over the past 24 hours. The world’s largest cryptocurrency touched $74,000 before reversing. Meanwhile, ETH is up 2.2% to $2,100, and SOL is up 3% to $89.

BTC Chart

The overall crypto market capitalization climbed 1.1% to $2.51 trillion, according to Coingecko.

The S&P 500 and the Nasdaq posted minor losses, while oil held steady around $95 and precious metals dropped.

Most of the Top 100 digital assets posted gains over the last 24 hours, with AI-linked tokens leading the charge.

Today’s top gainers are TRUMP, which surged 30%, followed by RENDER, which climbed another 14%, pushing its weekly gains to 36%.

Pi Network (PI) and MORPHO are the biggest losers.

Around 107,000 leveraged traders were liquidated for $448 million in the past 24 hours, according to CoinGlass, with short positions dominating. Bitcoin accounted for $203 million, while ETH positions made up $128 million.

Bitcoin exchange-traded funds (ETFs) recorded inflows of $54 million on Thursday, marking a fourth straight day of gains.

Related Posts

Theo Brings Silver Leasing Onchain With $40M thSLVR Launch

Theo, an onchain finance platform founded by ex-Optiver and...

Bernstein Expects ‘Aggressive’ Rulemaking from SEC, CFTC, Following CLARITY Act Failure

Bernstein analysts expect “aggressive and swift” rulemaking from the...

Crypto Turns to Regulators After CLARITY Setback

Crypto industry leaders are looking to US financial regulators...

Coinbase, Circle Drop 10% After CLARITY Act Vote

Crypto-linked stocks fell sharply on Tuesday after the US...

DOJ Seeks $61M USDT Forfeiture Tied to Iranian Oil Sales

The US Department of Justice (DOJ) is seeking forfeiture...

US Crypto Tax Bill Leaves Out Mining, Staking Deferral

The US House Ways and Means Committee will consider...