Middle East Crisis Takes a Breather...Bitcoin (BTC) and XRP Recover Together

▲ Bitcoin (BTC), XRP/AI-generated image

The cryptocurrency market rebounded after U.S. President Donald Trump suspended airstrikes on Iran. Bitcoin (BTC) recovered above the $63,000 mark. XRP recorded the highest growth rate among major cryptocurrencies.

According to crypto-specialized media Benzinga on August 2 (local time), Bitcoin recorded $63,197.96, up 0.56% over 24 hours. Ethereum (ETH) was tallied at $1,870.96, up 1.12%. XRP recorded $1.07, up 1.4%. Solana (SOL) and Dogecoin (DOGE) rose by 1.22% and 1.08% respectively.

Bitcoin moved between $62,890 and $63,700. Trading volume increased by 19% over 24 hours. During the same period, approximately $150 million was liquidated in the cryptocurrency market. Short positions betting on a decline accounted for most of the liquidations.

Bitcoin open interest increased by 0.31%. Retail and whale investors maintained net long positions but reduced their exposure compared to the previous day. The global cryptocurrency market capitalization increased by 0.82% to $2.17 trillion. The market's Fear & Greed Index remained in the 'Fear' zone.

Trump stated that he received requests from Iran and other Middle Eastern countries to suspend airstrikes to facilitate an agreement. Expectations for peace negotiations grew, leading to a 205-point rise in Dow Jones Industrial Average futures. S&P 500 futures and Nasdaq 100 futures increased by 0.42% and 0.65% respectively.

Cryptocurrency analyst Michaël van de Poppe assessed that Bitcoin investor sentiment is at an all-time low. He stated, “If the resistance between $67,000 and $68,000 is consistently broken, liquidations could accelerate the upward trend, leading to strong and significant movements.” On-chain analytics firm Santiment reported that there were only 0.58 bullish opinions for every bearish opinion on major social media. Santiment analyzed, “The fear level is higher than when war concerns peaked earlier this year.”

[Article Key Summary]

-As Trump suspended airstrikes on Iran, Bitcoin, Ethereum, XRP, and Dogecoin all rose together.

-Bitcoin recorded $63,197.96, and approximately $150 million was liquidated in the cryptocurrency market.

-Van de Poppe predicted that if Bitcoin breaks through the $67,000 to $68,000 resistance level, a strong movement could emerge.

*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.*