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Leading cryptocurrencies fell while stock futures rallied overnight on Wednesday after President Donald Trump signed a “Memorandum of Understanding” with Iran to end all hostilities.
Bitcoin retreated from $66,000 to below $64,000, as trading volume jumped 25% over the last 24 hours. Ethereum slid below $1,800, while XRP and Dogecoin also recorded intraday declines.
Nearly $440 million was liquidated from the market in the last 24 hours, including $300 million in long positions, according to Coinglass data.
Bitcoin’s open interest fell by 2.62% over the last 24 hours. Despite the broader pullback, the majority of retail and whale derivatives traders on Binance were positioned long on the leading cryptocurrency.
Stock futures rose sharply overnight on Wednesday. Dow Jones Industrial Average futures gained 260 points, or 0.50%, as of 8:46 p.m. EDT. S&P 500 futures climbed 0.81%, while Nasdaq 100 futures increased 1.31%.
The move followed Trump signing the “Memorandum of Understanding” with Iran during a dinner hosted by French President Emmanuel Macron at the Palace of Versailles. Pakistan Prime Minister Shehbaz Sharif, who acted as the mediator, confirmed the MoU was also signed by Iranian President Masoud Pezeshkian.
Blockchain research firm Santiment said the Federal Reserve’s decision to keep rates unchanged played out as a “buy the rumor, sell the news” moment, since investors had largely anticipated and priced in the outcome.
“Yet once the announcement became official, crypto, equities, gold, and silver all experienced immediate selling pressure as investors shifted their focus from what was expected to what comes next,” Santiment added.
CryptoQuant said Bitcoin’s Spent Output Profit Ratio for short-term holders had not yet broken below the key panic threshold of 0.95. The metric is used to assess whether investors holding Bitcoin for less than 155 days are selling at an aggregate profit or loss.
“The current structure suggests a fragile recovery phase rather than full capitulation; a reclaim of 1.0 would confirm improving short-term sentiment, while a renewed drop below 0.95 would signal rising panic risk,” CryptoQuant added.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
