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Bitcoin steadied near $82,500 after President Donald Trump said the U.S. would not attack Iran before the Nov. 3 midterm elections. Source: coindesk.com.
What Happened
On Thursday, Trump posted on Truth Social stating the U.S. would not launch a strike on Iran before the midterm elections.
That message triggered a brief rebound in Bitcoin, pushing prices to a level near $82,500.
However, Bitcoin remains about 4% lower than a week ago. Ether dropped 9%.
Key Market Facts
- Smaller tokens led the recovery, with the CoinDesk 80 up 2.2% since midnight UTC.
- Starknet’s STRK surged 33% after the network said it is considering becoming a standalone layer-1 blockchain to achieve full quantum resistance by 2027.
- DeFi tokens declined nearly 4% over 24 hours.
- Bitcoin futures open interest dropped 1.9%.
- Long positions outnumber shorts by nearly two to one, with a long/short ratio of 1.85.
- Over $1.09 billion in liquidations occurred in the past 24 hours, with 85% from long positions.
Why It Matters
Trump’s statement reduced geopolitical risk in the short term, which helped stabilize crypto markets.
Markets often react to political developments, especially those near elections.
Bitcoin’s rebound came without a surge in leverage, as futures open interest remained flat.
Derivatives data shows longs still face costs to hold positions, with funding rates at about 5% annualized.
What to Watch Next
Market sentiment may shift if Iran or U.S. policy changes in the coming weeks.
Bitcoin and ether remain below key technical levels.
Smaller tokens like STRK and KAIA showed strong gains, but many have reversed losses.
AI-related tokens, such as KITE and VVV, dropped after OpenAI’s revenue disclosure.
Bitcoin’s price action reflects broader market confidence, not a fundamental shift.
While the rebound was notable, it has not reversed the week’s losses.
For more on liquidity recovery after the 10/10 flash crash, see one year after flash crash, liquidity has rebuilt.
For updates on ETF developments, see SEC approves first 3x Bitcoin and Ether ETFs.
Background: How the Market Reacted
Trump’s post reduced uncertainty around a potential military escalation.
Such events historically trigger volatility in financial markets, including crypto.
Bitcoin and ether futures show minimal change in open interest, suggesting limited new leverage.
Despite the rebound, the market remains cautious, with liquidations still high.
Coinbase cryptographer Yehuda Lindell dismissed concerns about quantum resistance as ‘FUD’ — fear, uncertainty, and doubt.
He said no evidence has been found that elliptic-curve cryptography used in Bitcoin and Ethereum has been broken.
U.S. equity futures also rose.
