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Bitcoin Gains, Ethereum, XRP, Dogecoin Slide as US-Iran Standoff Continues: Analyst Says BTC 'Ready for a

Published a day ago 2 min read
Bitcoin Gains, Ethereum, XRP, Dogecoin Slide as US-Iran Standoff Continues: Analyst Says BTC 'Ready for a

Bitcoin rose while Ethereum, XRP and Dogecoin declined as the US-Iran standoff continued to weigh on market sentiment. An analyst cited by Benzinga said Bitcoin was "ready for a" move, though the excerpt does not include the rest of the comment.

Key Takeaways

  • 01 Bitcoin gained while several major altcoins, including Ethereum, XRP and Dogecoin, fell.
  • 02 The market moves occurred amid an ongoing US-Iran standoff.
  • 03 The analyst’s full Bitcoin outlook is unclear because the quoted headline is truncated.

Leading cryptocurrencies fell alongside stock futures on Sunday evening as investors weighed U.S.-Iran diplomatic efforts to reach a peace agreement.

Crypto Market Lags

Bitcoin spiked to $65,400 late evening, only to sharply retreat below $65,000, while trading volume jumped 11% over the last 24 hours.

Ethereum followed a similar trajectory, rallying to an intraday high of $1,935.53, but failing to push beyond that level. XRP and Dogecoin traded lower.

Senate Majority Leader John Thune filed to advance the CLARITY Act, setting up a key vote for the cryptocurrency legislation when the Senate returns from its August recess in September.

Over $160 million was liquidated from the cryptocurrency market in the last 24 hours, with $113 million in bearish short positions erased, according to Coinglass data

Bitcoin’s open interest rose 0.53% over the last 24 hours. Meanwhile, retail and whale derivatives traders on Binance remained net long on the apex cryptocurrency

“Fear” sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.21 trillion, following a 0.10% dip over the last 24 hours.

Stocks Futures Slip

Stock futures ticked lower overnight on Sunday. The Dow Jones Industrial Average Futures fell 86 points, or 0.16%, as of 9:06 p.m. EDT.  Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures lost 0.05%.

Iran said a deal on the Strait of Hormuz was in its “final stages,” but Tehran reiterated that the critical shipping would not reopen unless the U.S. honors the June interim deal.

President Donald Trump said earlier on Sunday that the U.S. is “only semi-negotiating” with Iran.

BTC’s Critical Level

Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, identified $65,800 as a “critical level,” a breakout above which could spark a “volatile move” upward, targeting $73,700 initially and $82,900 as a higher objective.

Ardi, another chartist and cryptocurrency trader, projected Bitcoin’s next cycle peak between $184,000 and $230,000, if $57,000 holds as the cycle floor

“If Bitcoin’s diminishing-return structure remains intact, this is where the next bull market would most logically reach its peak,” the trader added.

Photo: KateStock / Shutterstock

Attribution

Originally reported by Benzinga

#bitcoin#ethereum#xrp#dogecoin#crypto#markets

Quick Answers

Which cryptocurrencies moved in the report?

Bitcoin gained, while Ethereum, XRP and Dogecoin declined, according to the headline.

What geopolitical issue was linked to the crypto market moves?

The report linked the market backdrop to the continuing US-Iran standoff.

What did the analyst say about Bitcoin?

The headline says an analyst described Bitcoin as "ready for a" move, but the excerpt does not provide the rest of the statement.

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