Leading cryptocurrencies fell alongside major stock indexes on Tuesday amid a big escalation in the Middle East conflict.
Crypto Market On Edge
Bitcoin revisited the $60,000 floor but recovered overnight, as trading activity climbed 12% in the past 24 hours. Ethereum pulled back to the $1,600 region, while XRP and Dogecoin remained bearish.
Over $420 million was liquidated from the market in the last 24 hours, with $324 million in long positions alone wiped out, according to Coinglass data.
Bitcoin's open interest rose 1.23% in the last 24 hours. A rise in open interest alongside a sliding price typically indicates that new traders are aggressively selling or shorting the asset, expecting the price to fall further.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.13 trillion, contracting 1.25% over the last 24 hours.
Stocks Correct As Hostilities Resume
Major indexes pulled back on Tuesday. The S&P 500 retreated 0.26% to close at 7,386.65, while the tech-heavy Nasdaq Composite fell 0.97% to close at 25,678.82. The Dow Jones Industrial Average shrugged off the decline, rallying 86.10 points, or 0.17%, to end at 50,872.11.
Will Bitcoin Bounce Back?
Widely followed cryptocurrency analyst and trader Michaël van de Poppe noted Bitcoin consolidating below $65,000, with a clean breakout potentially triggering a strong run to $72,000-$74,000.
"I don’t think it will take long before the markets will be doing this, as the recent selloff was relatively irrational," Van De Poppe said.
On-chain analytics firm Santiment noted Ethereum’s positive-to-negative social commentary ratio hitting one of 2026’s lowest levels, placing it in an "extreme fear" zone.
"Historically, Ethereum has tended to rebound when social sentiment reaches extreme FUD levels because prices frequently move opposite to the crowd’s expectations," Santiment added.
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