Leading cryptocurrencies fell alongside stocks on Wednesday as the U.S. strikes against Iran threaten peace negotiations.
Crypto Market Shakes
Bitcoin slipped under $61,500, then climbed back above $62,000 overnight. Ethereum oscillated within the $1,700 region, even as the 24-hour trading volume saw an uptick. XRP and Dogecoin sank lower.
Cryptocurrency-related stocks also slipped, with Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closing down 3.58% and 2.54%, respectively.
Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $261 million in bullish long positions alone wiped out, according to Coinglass data.
Nearly $400 million in Bitcoin longs risked liquidation if the apex cryptocurrency falls to $60,000.
Bitcoin's open interest slid 1.40% over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned "extremely bearish" on Binance.
Top Gainers (24 Hours)
Cryptocurrency (Market Cap>$100 M)
Gains +/-
Price (Recorded at 9:20 p.m. EDT)
UnifAI Network (UAI)
+16.21%
$0.4176
Apecoin (APE)
+11.02%
$0.1609
Cash Cat (CASHCAT)
+9.40%
$0.1245
The global cryptocurrency market capitalization stood at $2.15 trillion, contracting 1.67% over the last 24 hours.
Read Also:Bitcoin Dumps on Trump Iran Comments but History Says July Should Be Green Anyways
Stocks Dive As Iran Strikes Intensify
Stocks slipped further on Wednesday. The Dow Jones Industrial Average declined 576.76 points, or 1.09%, to end at 52,348.39. The S&P 500 lost 0.28% to close at 7,482.71. The Nasdaq Composite was the outlier, rising 0.2% to close at 25,870.65.
President Donald Trump reposted news of strikes on Iran's southeastern city of Chahbahar on his Truth social, saying, "This is in retribution for yesterday's bombing of ships by Iran. If it happens again, it will get much worse."
Earlier in the day, he declared that the tentative ceasefire and memorandum of understanding with Iran is "over," sending markets reeling.
Bitcoin To Struggle In Short Term?
On-chain analytics firm Santiment highlighted a sharp jump in "war-related crypto chatter," anticipating increased volatility in the days ahead.
"If tensions keep rising, Bitcoin and altcoins may struggle short term, but if fear spikes too far too fast, it can also set up sharp relief rallies when headlines cool," Santiment added.
✍️ TL;DR: War discussion rates hit 3-month high after reports of Trump's ceasefire withdrawal
📊 Metrics Used: Social Trends Query
🔗 Link to chart: https://t.co/m9q30lnBG9⚠️ War-related crypto chatter just hit its highest level since April after Trump said the Iran ceasefire… pic.twitter.com/dIR2v21KwY
— Santiment Intelligence (@SantimentData) July 8, 2026
Ali Martinez, a widely followed cryptocurrency analyst and trader, identified $63,000 as the major wall bulls need to break.
"Many holders who bought near $63,000 may use a return to their cost basis as an opportunity to exit at breakeven, adding selling pressure around this zone," the analyst added.
Martinez also flagged downside risks, including potential declines to $46,000 or $37,870 if Bitcoin loses $59,000 as support.
Bitcoin has hit a brick wall at $63,000.
Roughly 623,000 BTC were previously transacted around this level, making it one of the largest and most significant resistance clusters on the chart.
Many holders who bought near $63,000 may use a return to their cost basis as an… pic.twitter.com/rd40wH77cp
— Ali Charts (@alicharts) July 9, 2026
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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This article Bitcoin, Ethereum, XRP, Dogecoin Slide as Trump Warns Iran Strikes Could Get 'Much Worse': Analyst Flags Major 'Wall' BTC Bulls Must Break originally appeared on Benzinga.com
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