Bitcoin fell 2.2 percent to $66,609 on Wednesday, rebounding from Tuesday’s gains after Trump’s prime-time speech in which he promised to strike Iran “very hard” over the next two to three weeks, rather than offering the de-escalation that markets had been targeting, according to coindesk.com.
Each of the major tokens in the top 10 fell. Ether fell 2.2% to $2,056, BNB fell 3.9% to $591, XRP lost 2.5% to $1.31, and Solana’s SOL led the losses with a 5.2% drop, extending the week’s decline to 13%.
The selloff reversed a sharp global rally that had been building throughout Tuesday amid Trump’s early statements that the war could end within weeks and that a deal with Tehran was not a prerequisite. Asian stocks soared 4 percent. Futures on the S&P 500 rose sharply. The mood was the most optimistic since the conflict began five weeks ago.
A speech by the U.S. president followed. In nearly 20 minutes, Trump outlined no change in policy toward Iran, provided no specifics on how operations would proceed, and outlined no path to a cease-fire.
The cryptocurrency picture has become so familiar as to induce a sense of numbness. Bitcoin has fluctuated between roughly $60,000 and $73,000 for five weeks in a row, selling off on every headline about escalation, rising on every headline about easing tensions, and eventually ending up at roughly the same level it started at.
The Fear and Greed Index is at 8, deep in the extreme fear zone where it has been stuck between 8 and 14 for the past month.
