The crypto market has seen some selling pressure in the past hour as US President Donald Trump says that he has “not reached out to Iran for Peace Talks in any way, shape, or form”. As the Israel-Iran war escalates further, discussions of Trump mediating a ceasefire gathered steam earlier today. However, Trump referred to them as “HIGHLY FABRICATED” and “FAKE NEWS”. This was enough to send jitters across the global market.
As Trump flips the game on Iran-Israel peace talks, the crypto market selling pressure has triggered around $355 million in liquidations in the last 24 hours. Coinglass data shows that $239 million in long positions have been affected while $115 million in short positions have also been liquidated.
CoinMarketCap data also shows that the market is down almost 2%, with the crypto market cap dropping to $3.28 trillion. The Bitcoin price is down almost 2%, trading just above the $105,000 level.
Altcoins have been facing an even steeper fall, with Ethereum (ETH) down 2.5%, slipping closer to the $2,500 support levels. Similarly, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) are all down by more than 3% today, while Hyperliquid has tanked 8% from the HYPE all-time high yesterday.
Crypto market investors would be closely watching for the US market to open on Tuesday, as the S&P 500 flirts around all-time highs. Additionally, the FOMC meeting and Fed decision on rate cuts will also weigh on future market action.
A few years ago, reports suggested that Trump was making the “last ditch efforts” for a peace deal between Iran and Israel. However, in his latest post on Truth Social, President Trump poured cold water on any such efforts, calling the previous reports FAKE NEWS. He wrote:
“I have not reached out to Iran for “Peace Talks” in any way, shape, or form. This is just more HIGHLY FABRICATED, FAKE NEWS! If they want to talk, they know how to reach me. They should have taken the deal that was on the table – Would have saved a lot of lives!!!”
With Donald Trump asking to evacuate Tehran, there have been reports that America could also likely join the war with Israel against Iran. In case of such development, the crypto market might see more volatility ahead.
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