Bitcoin Rises Even Amid Trump's Iran 'Bomb'...XRP and Dogecoin Also Surge Together

▲ Bitcoin (BTC) Rise/AI-generated image

Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) rose together despite Donald Trump's hawkish remarks regarding Iran. While stock futures showed weakness due to geopolitical tensions, major cryptocurrencies continued their short-term rally, driven by short position liquidations and demand for spot ETFs.

Benzinga reported on May 10 (local time) that major cryptocurrencies rose even after Trump criticized Iran's response to the US ceasefire proposal as “totally unacceptable.” Bitcoin surged to $82,430 intraday but was immediately rejected, and its trading volume increased by 57% in the last 24 hours. Ethereum failed to break above $2,400, while XRP and Dogecoin also showed strong upward trends.

According to CoinGlass data, over $380 million was liquidated in the last 24 hours, with most of it being short positions. Bitcoin futures open interest increased by 0.54% during the same period. However, Binance's Bitcoin long/short ratio remained below 1, indicating that many traders had positioned themselves for a price decline.

Market sentiment remained closer to neutral than overheated. According to the Alternative Fear & Greed Index, cryptocurrency market sentiment remained 'neutral'. The global cryptocurrency market capitalization was reported at $2.68 trillion, a 0.40% decrease in the last 24 hours. In contrast, major individual assets showed strength. Benzinga's 24-hour gains as of 9:25 PM ET were Bitcoin 1.39%, Ethereum 1.82%, XRP 3.66%, Solana (SOL) 3.80%, and Dogecoin 3.12%.

Stock futures were mixed after Trump's remarks on Iran. As of 8:36 PM ET, Dow Jones Industrial Average futures fell 159 points, or 0.32%. S&P 500 futures were down 0.029%, and Nasdaq 100 futures were up 0.23%. Iranian President Masoud Pezeshkian stated on X (formerly Twitter) that dialogue or negotiation should not be equated with surrender, and that they would not bow their heads to the enemy.

Regarding the maintenance of Bitcoin's bullish structure, $79,000 was suggested as a key support level. Chris Kline, co-founder and COO of BitcoinIRA, noted in a memo shared with Benzinga that a typical disconnect was appearing between market sentiment and structural demand. He explained that while spot Bitcoin ETFs recorded net inflows for two consecutive months, the Fear & Greed Index indicated bearish conditions.

Kline pointed out that from the perspective of retirement accounts, what's important is not whether Bitcoin will test $75,000 or $85,000 next week. He analyzed, "25 months after the halving, ETFs are absorbing more volume than new Bitcoin produced by miners," and "it's more important that Bitcoin is trading at a 36% discount from its October highs." Cryptocurrency analyst Michaël van de Poppe suggested that $79,000 is a crucial short-term support level for maintaining Bitcoin's bullish structure, and $76,000 is the second key defense line.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*