Trump's "Complete Surrender" Pressure... Bitcoin (BTC) Price 'Stirs'

▲ Donald Trump, Bitcoin (BTC)/AI Generated Image

U.S. President Donald Trump's warning to Iran shook the cryptocurrency market. Bitcoin (BTC) and Dogecoin (DOGE) rose. Ethereum (ETH) and XRP fell. Analysis also suggested that Bitcoin's short-term bottom has not yet been confirmed.

According to crypto media outlet Benzinga on August 4 (local time), Bitcoin recorded $63,470.28, up 0.57% over 24 hours. Dogecoin was tallied at $0.0702, up 0.29%. Solana (SOL) recorded $73.11, up 0.18%. Ethereum remained at $1,853.52, down 0.76%. XRP recorded $1.07, down 0.48%.

Bitcoin rose to $64,020 during the day before being pushed back to around $62,000. Over $240 million in cryptocurrency positions were liquidated in the last 24 hours. Short position investors suffered greater losses than long position investors. Bitcoin open interest increased by 1.93%. The media explained the simultaneous rise in price and open interest as a sign of new buying interest. The total cryptocurrency market capitalization was tallied at $2.2 trillion, a decrease of 0.79%.

Cryptocurrency-related stocks also rose. Strategy (MSTR) increased by 1.69%. BitMine Immersion Technologies (BMNR) rose by 0.81%. Strategy disclosed that it sold $105 million worth of Bitcoin.

New York stocks surged to an all-time high on the first day of trading. The Dow Jones Industrial Average recorded an all-time high close of 53,178.41, up 693.38 points, or 1.32%. The S&P 500 index closed at 7,600.50, up 1.48%. The Nasdaq Composite index recorded 25,913.90, up 2.13%. Trump canceled airstrikes on Iran, which were scheduled for the weekend, and began efforts to resume negotiations. Iran denied claims that direct negotiations with the U.S. were underway. Trump criticized the Iranian negotiating team as “incredibly duplicitous.” He then warned, “The only options are a deal or complete surrender.”

On-chain analysis firm CryptoQuant analyzed that Bitcoin's adaptive selling risk ratio has fallen to levels seen during past accumulation phases. This indicator measures the overall selling pressure in the market. CryptoQuant stated, “This is a phase that appeared in the latter half of past bear markets.” It added, “While the long-term risk-to-reward outlook has improved, it does not mean that a short-term bottom has already formed.” Crypto analyst and trader Michaël van de Poppe said, “I expect Ethereum to hold $1,800 and break through the $2,000 barrier.” He further predicted, “After that, it could quickly rise above $2,300.”

[Article Key Summary]

-Bitcoin and Dogecoin rose, but Ethereum and XRP fell.

-Trump warned Iran to choose between an agreement or complete surrender.

-CryptoQuant analyzed that Bitcoin's long-term risk-to-reward outlook has improved, but a short-term bottom has not been confirmed.

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