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Leading cryptocurrencies held steady Tuesday evening after President Donald Trump extended the ceasefire with Iran indefinitely, while stock futures rose on the news. In crypto, trading activity remained subdued as Bitcoin and major altcoins consolidated.
Bitcoin traded in a range of $74,800 to $76,800, with volume staying muted. Ethereum hovered around the $2,300 level, while XRP and Dogecoin saw subdued activity.
According to Coinglass data, nearly $270 million in crypto positions were liquidated over the past 24 hours, split nearly evenly between longs and shorts. The data also indicated that about $600 million in Bitcoin shorts were at risk of liquidation if Bitcoin reclaimed $80,000.
Bitcoin futures open interest fell 0.05% over the last 24 hours. Whale and retail traders on Binance remained bearish on BTC, reflected in a higher number of shorts versus longs.
The global cryptocurrency market capitalization stood at $2.56 trillion, up 0.26% over the last 24 hours.
Stock futures rallied Tuesday evening following Trump’s decision to extend the two-week ceasefire with Iran until “discussions are concluded, one way or the other.” Trump also said the U.S. blockade of the Strait of Hormuz will continue.
Separately, Iran said it did not send any delegation to Pakistan to negotiate with the U.S., according to regime-affiliated media IRIB.
As of 8:36 p.m. EDT, Dow Jones Industrial Average futures rose 227 points, or 0.46%. S&P 500 futures climbed 0.53%, while Nasdaq 100 futures gained 0.67%.
Oil prices were highly volatile. West Texas Intermediate crude futures rose to $94.36 before slipping back below $90 later in the day.
Cryptocurrency analyst and trader Killa said Bitcoin is 212 days into its current bear market. Based on historical patterns, the analyst noted that fresh lows typically form in the second quarter and third quarter after the 200-day mark from cycle tops.
Killa added that if history repeats, BTC likely has around three months left to establish its bear market bottom.
Michaël van de Poppe, another cryptocurrency commentator, said Bitcoin’s slight correction has not altered its overall momentum or technical structure. He also said the market is not assigning much value to today’s Trump-Iran-related news because it is “a lot of chess play between the two.”
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