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US President Donald Trump recently announced that the ceasefire between Iran and them has ended with immediate effect. Crypto market and risk-on assets saw instant selling pressure today with top digital assets like BTC, ETH, XRP, and other altcoins correcting 2-5%. Furthermore, 24-hour liquidations across the market have also surged to $50 million.
Crypto Market Shaky As Trump Ends US-Iran Ceasefire
Crypto market faces its first big jolt along with risk-on assets as President Trump said that the ceasefire agreement with Iran has effectively collapsed. In a shared stage with the NATO chief, Trump criticized the country’s leadership following a fresh wave of Iranian attacks on commercial vessels in the Strait of Hormuz.
“To me, I think it’s over. I don’t want to deal with them anymore. They’re scum… They’re led by sick people,” said Trump.
The renewed attacks disrupted efforts to reopen the strategic shipping route. It has also raised concerns over global energy supplies and escalating tensions in the region.
Bitcoin (BTC) and some of the top altcoins like ETH, BNB, SOL, XRP are all down 2-5%, effectively driving the crypto market lower. As per the Coinglass data, the 24-hour liquidations have also surged to $450 million, with a total of 145,371 traders liquidated.
Crypto Market On Edge As Bitcoin Eyes $50,000
Popular crypto analyst Ted Pillows believes that a final Bitcoin capitulation is pending before the crypto market resumes its upward trajectory. Pillows noted that a significant liquidity cluster has formed in the $48,000 to $50,000 range for Bitcoin.
According to the analyst, market makers are likely to target and sweep the downside liquidity in the $48,000 to $50,000 area before Bitcoin establishes its cycle bottom.
Top Altcoins Like ETH, SOL, XRP, And Others Trading 40% Lower From ATH
Blockchain analytics firm CryptoQuant reported that nearly 40% of altcoins are currently trading at less than 25% of their all-time highs. This shows the major underperformance across the broader crypto market.
According to CryptoQuant, the percentage briefly climbed to 45% after Bitcoin fell below the $60,000 level in late June. The firm noted that approximately 53.5 million cryptocurrencies are now listed, and an estimated 60,000 new tokens are being created every day.
CryptoQuant said that without sustained inflows of new capital, many projects are unlikely to survive. They have urged investors to exercise caution when making new investments.
