LIVE: Crypto market retakes $3 trillion as Bitcoin rally eases after hitting 8-month high

Bitcoin (BTC) has pulled back to $84,510.80, leaving it 1.78% lower on the day. Ethereum (ETH) is at $2,687.56, down 1.93%, Solana (SOL) has lost 2.22% to $115.17, and XRP is sitting at $1.5064 after falling 3.55%.

The futures market is cooling at the same time. Total open interest stands at $151.73 billion after shrinking 3.52%, while liquidations have reached $584.70 million, a 120.95% increase.

Bitcoin accounts for $172.94 million of that total, followed by Ethereum at $122.68 million, Zcash at $31.76 million, XRP at $29.86 million, Solana at $20.02 million and Hyperliquid at $4.69 million.

Funding is still positive across the major tokens. Bitcoin’s rate is 0.0020%, Ethereum is at 0.0049%, Solana is at 0.0025%, XRP is at 0.0019%, Hyperliquid is at 0.0070%, and Zcash is at 0.0092%.

Elsewhere in crypto, Hyperliquid (HYPE) is down 2.83% at $93.976, while Zcash (ZEC) is almost flat, slipping 0.18% to $1,520.07. The broader momentum reading is sitting almost exactly in the middle, with the average RSI at 49.53. The Altcoin Season Index is also at 50, putting neither Bitcoin nor altcoins firmly in control.

Bitcoin’s share of the overall crypto market has edged 0.05% higher to 59.18%. Exchange holdings have fallen by 21,530 BTC to 2.47 million BTC, while the Fear & Greed Index is at 70, which puts sentiment in the greed range.

Traditional markets are moving in the opposite direction. Gold futures are down 1.63% at $4,287.35, while the U.S. Dollar Index is up 0.53% at 100.847. Spot-linked XAU is at $4,291.51, down 1.73%, with its funding rate at 0.0094%.

Crypto-linked equities are having a much rougher session than the token market, with most of the bigger names sitting in the red.

Robinhood (HOOD) is at $122.70, down 1.25%, while MercadoLibre (MELI) is at $1,799.24, down 1.50%. Strategy (MSTR) has dropped 3.07% to $162.20, Coinbase (COIN) is off 1.46% at $198.13, and Block (XYZ) is down 3.68% at $74.68. PayPal (PYPL) is trading at $52.51, down 0.72%, while Circle (CRCL) is at $91.72 after falling 3.03%.

The selling is heavier across several miners and crypto treasury names. Net Holding (NTHOL) is down 4.06% at $38.24, Nexon (NEXOY) has lost 1.94% to $20.18, and IREN (IREN) is lower by 3.09% at $47.05.

Bitmine Immersion Technologies (BMNR) has fallen 4.52% to $27.46, Galaxy Digital (GLXY) is down 5.08% at $25.79, and Hut 8 (HUT) is off 3.89% at $102.46.

A few names are moving the other way. GameStop (GME) is up 0.71% at $24.20, while Greenidge Generation (GREE) has jumped 9.74% to $2.14. Securitize (SECZ) is up 10.46% at $14.36, ProCap Financial (BRR) has gained 8.24% to $4.07, Boyaa International (BOYAF) is up 12.08% at $0.43, and Intchains Group (ICG) is higher by 5.55% at $0.98.

Elsewhere, Figure Technology Solutions (FIGR) is down 6.60% at $34.66, Neptune Digital Assets (NDA) is unchanged at $0.67, and TeraWulf (WULF) has dropped 5.63% to $16.36. Riot Platforms (RIOT) is down 0.90% at $24.70, Cipher Digital (CIFR) is off 3.88% at $18.35, and Core Scientific (CORZ) has slipped 3.67% to $18.10.

Bullish (BLSH) is down 1.45% at $40.11, Rumble (RUM) has fallen 7.70% to $8.27, and MARA Holdings (MARA) is lower by 2.13% at $13.34. Alliance Resource Partners (ARLP) is down 1.20% at $25.55, while Bitdeer Technologies (BTDR) has lost 5.99% to $12.31 and CleanSpark (CLSK) is down 4.52% at $14.46.

Strive (ASST) is trading at $28.99, down 1.23%. Keel Infrastructure (KEEL) has fallen 3.25% to $4.01, Metaplanet (MTPLF) is down 2.22% at $1.76, and SharpLink (SBET) has dropped 4.20% to $9.80. Twenty One Capital (XXI) is lower by 1.16% at $6.80, while American Bitcoin (ABTC) is down 3.51% at $9.91.

BitGo (BTGO) is off 2.17% at $8.10, HIVE Digital Technologies (HIVE) has fallen 4.80% to $3.37, and Gemini Space Station (GEMI) is down 5.38% at $5.63. Forward Industries (FWDI) has dropped 6.40% to $8.05, while Bit Digital (BTBT) is lower by 5.37% at $1.76.

Further down the list, Meliuz (CASH3) is down 3.44% at $5.34, Prenetics (PRE) is off 0.83% at $22.71, and Canaan (CAN) has fallen 6.46% to $0.39. Exodus Movement (EXOD) is down 4.29% at $7.81, Kulr Technology Group (KULR) is lower by 1.23% at $2.41, and Bitcoin Group SE (ADE) has slipped 1.91% to $28.82.

Nano Labs (NA) is down 3.18% at $2.29, Sol Strategies (STKE) has fallen 6.13% to $1.53, and Argo Blockchain (ARBK) is off 5.70% at $2.48. Genius Group (GNS) is unchanged at $0.15, while Fold Holdings (FLD) is down 3.04% at $0.56.

Iranian President Masoud Pezeshkian used his appearance at the United Nations General Assembly on Wednesday to go straight at Washington and Israel, arguing that both countries have made the wider security situation worse and saying Iranian civilians and key infrastructure have been hit unlawfully during the fighting.

Masoud also rejected the picture Donald Trump painted a day earlier, when Trump said Iran was eager to reach an agreement and suggested one could come after the Nov. 3 midterm elections.

Trump had also warned from the same UN stage that he was considering whether to pursue a settlement or escalate the war even further.

Masoud made clear that Tehran is not presenting itself as ready to give in. He said Iran sees itself as the side being attacked, pushed back against being described as a source of terrorism and instability, and said the country would keep defending itself for as long as necessary.

He also argued that Iran wants to operate on its own terms rather than accept pressure from Washington.

Trump was already back in Washington by Wednesday and was not at the UN for Masoud’s remarks. His return came ahead of Chinese President Xi Jinping’s state visit.

Masoud’s appearance also stood out because Iran is currently fighting the United States while its president was physically addressing the UN in New York.

AP described it as a rare case of a foreign leader speaking before the world body while his country is at war with the nation hosting the meeting.

Binance is putting $100 million into Circle under a new five-year agreement that will give USDC a much bigger presence across the exchange.

Circle’s stock climbed more than 6% on Tuesday after the deal became public. Binance will buy the shares at $80.84 apiece, with most of that investment restricted from being sold for as long as two years, although some exceptions apply.

The commercial side of the agreement is built around getting USDC in front of more users outside the U.S.

Circle will pay Binance a monthly fee linked to the amount of USDC held on the platform, while Binance will give the stablecoin wider exposure across its global customer base.

That puts USDC in a stronger position to challenge Tether in markets where Circle has historically had a smaller footprint.

Circle CEO Jeremy Allaire said Binance’s scale gives the company a chance to take USDC to more people and businesses, particularly across emerging markets.

Jeremy said Circle sees room to use the stablecoin for broader access to dollars, savings, investing and other crypto-based financial products.

Crypto is worth more than $3 trillion again for the first time since January, capping a run that has added over $740 billion since the U.S. Treasury said last month it would buy back more long-dated bonds, per data gotten from CoinGecko.

Bitcoin has cooled to around $86,000 today after racing almost 8% higher during the U.S. session and touching $87,381, its strongest price since January.

But traders clearly are not backing away from risk. Money tied up in perpetual futures has climbed to almost $160 billion across the market, the highest since late October last year, Coinglass data show.

The sudden spike on Monday took bears by surprise, resulting in the loss of more than $920 million from short bets.

As long as the price continues to rise, further pressure on bearish speculators might force them to cover their losses by buying the currency, sending prices even higher. The most important point is that the exposure through futures continues to increase, despite all these short coverings.

Wall Street is having a much quieter day. The Nasdaq Composite is up 0.2% after setting another intraday record, with Sandisk shares jumping 4% after Rosenblatt issued a bullish call on the company. The S&P 500 is basically flat, while the Dow is down 270 points, or 0.5%.

Iran is also sitting in the background of today’s trading. Speaking at the United Nations General Assembly, President Donald Trump said he is weighing whether to reach an agreement with Tehran or take much more aggressive military action.

TRUMP also said he thinks an agreement could come after the U.S. midterm election, arguing that Iran is waiting to see how he performs politically. Reuters also reported Tuesday that TRUMP raised the possibility of a post-election deal while warning of further action if talks fail.

Oil barely reacted. Brent crude is up less than 1% at roughly $100 a barrel, while U.S. crude is also less than 1% higher at around $96.