President Donald Trump’s move to call off “scheduled” strikes on Iran sparked a risk-on bounce in crypto Thursday, with major coins climbing alongside equities.
Benzinga reports the market reaction came from “hopes for a peace deal.” By 9:30 p.m. EDT, the desk cited 24-hour gains across Bitcoin, Ethereum, XRP, Solana, and Dogecoin.
Prices move with the headline
Here are the snapshot figures Benzinga published at 9:30 p.m. EDT:
| Asset | 24h move | Price (9:30 p.m. EDT) |
|---|---|---|
| Bitcoin (BTC) | +1.84% | $63,246.60 |
| Ethereum (ETH) | +1.33% | $1,660.40 |
| XRP (XRP) | +2.72% | $1.13 |
| Solana (SOL) | +3.60% | $66.48 |
| Dogecoin (DOGE) | +2.12% | $0.08570 |
Benzinga also said Bitcoin pushed to an intraday high of $63,850, while Ethereum “nearly broke through $1,700.” XRP and Dogecoin saw sharper upticks.
The broader tape followed. Crypto-related equities rose too. Strategy Inc. (NASDAQ: MSTR) ended up 4.16% and Bitmine Immersion Technologies Inc. (NYSE: BMNR) closed up 5.63%, per Benzinga.
Derivatives pressure did not vanish
The move looked clean on a chart. The plumbing looked messier.
Benzinga cited Coinglass data showing over $260 million in liquidations over the prior 24 hours, “predominantly in short positions.” That fits a common pattern for fast rallies. When price snaps higher, short traders often get forced out.
Open interest added more context. Benzinga said Bitcoin open interest rose 1.23% in the last 24 hours. That matters because higher open interest during an upswing can mean new leverage enters the market, not just shorts getting cleared.
Benzinga also claimed retail and whale derivatives traders with open BTC positions remained “bullish.” But the desk placed a second marker right next to that optimism.
Sentiment stays stuck on fear
Even with the bounce, Benzinga reported “Extreme Fear” sentiment persists, citing the Crypto Fear & Greed Index.
That combination is a warning sign for traders who equate rallies with stability. If sentiment remains extreme while liquidations roll through, price can whip both ways on the next headline.
The desk’s own framing echoes that tension. The rally tracked a geopolitics-driven equity impulse, not a crypto-native catalyst.
Why the market treats this as fragile
Benzinga’s story also connects the day’s tone to a separate infrastructure question. It notes an analyst view that a SpaceX IPO would be “tricky” for markets.
That point matters because market liquidity and risk appetite can get pulled toward major listings and away from thinner pockets. In practical terms, even if crypto benefits from broad risk-on conditions, it can still wobble if capital rotation tightens.
Small-cap gainers jumped too
Benzinga included a list of “Top Gainers” among cryptocurrencies with market caps above $100 million, recorded at the same 9:30 p.m. EDT timestamp.
Benzinga’s examples: Yooldo (ESPORTS) up 137.17% to $0.2179, Velvet (VELVET) up 94.30% to $1.73, and SKYAI (SKYAI) up 54.46% to $0.2641.
Those moves are consistent with what you’d expect when volatility returns, but they also underline the same issue. Rally days can lift speculative assets fast, while the liquidation risk stays real.
Benzinga reported the global cryptocurrency market capitalization stood at $2.17 trillion after an increase, though the excerpt cuts off before details of the change.
The key point from this update is less about the exact percentages and more about the mix. Crypto followed a macro headline higher, liquidations ran heavy, Bitcoin’s derivatives exposure increased, and sentiment still reads “Extreme Fear.”