- Oil prices fell below $100 following reports of a U.S.-backed ceasefire proposal to Iran, though Tehran has denied active negotiations.
- Cardano and Dogecoin outperformed Bitcoin, posting gains of over 3% in the past 24 hours.
- The broader cryptocurrency market rose modestly, with total market capitalization reaching approximately $2.52 trillion.
Bitcoin (BTC) held above $71,000 in early Wednesday trading after oil prices slipped below $100 on reports of a U.S.-backed 15-point peace proposal to ease tensions with Iran, even though officials in Tehran have denied active negotiations.
Bitcoin’s price edged 0.2% higher in pre-market trade, holding at around $71,300 after dipping below $69,000 during the previous session. On Stocktwits, retail sentiment around the apex cryptocurrency remained in ‘bearish’ territory over the past day, with chatter at ‘low’ levels.
Altcoins Outperform Bitcoin But Sentiment Remains ‘Bearish’
Cardano (ADA) and Dogecoin (DOGE) led gains among the top 10 cryptocurrencies by market capitalization, outperforming Bitcoin. ADA’s price rose 3.4% in the last 24 hours to around $0.27, while Dogecoin’s price rose 3.2% to around $0.097. Both saw retail sentiment trending in ‘bearish’ territory on Wednesday morning as per Stocktwits data.
Binance Coin (BNB) and Ethereum (ETH) each gained more than 1%. Ethereum’s price held above the $2,100 mark, unable to break through resistance at $2,200. Solana (SOL) edged 0.7% higher to over $92. Ripple’s XRP (XRP) moved 0.3% higher to around $1.42.
The overall cryptocurrency market stood at around $2.52 trillion, up 0.4% over the last 24 hours. CoinGlass data showed around $229 million in liquidations over the past day, with a near-even split between long and short positions.
Oil Prices Slide Below $100 After US-Iran Ceasefire Proposal
The uptick in the cryptocurrency market came after spot Brent crude oil prices fell below $100, trading around $97.50 at the time of writing, after The Associated Press reported that the U.S. had sent Iran a 15-point ceasefire plan through Pakistan. The price of West Texas Intermediate crude oil also ticked lower by over 1% to around $87.80.
The United States Oil Fund (USO) dropped more than 5.5% in pre-market trade. Retail sentiment around the ETF remained in ‘bearish’ territory over the past day, accompanied by chatter at ‘high’ levels.
Read also: Merck To Acquire Terns In $6.7 Billion Deal – Signaling Fresh Push In Competitive Cancer Drug Race
For updates and corrections, email newsroom[at]stocktwits[dot]com.