Bitcoin steadies near $82,500 after Trump rules out Iran strike before midterms
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin recovered to around $82,500 after former President Donald Trump stated that the U.S. would not attack Iran before the November 3 midterm elections. Despite the bounce, Bitcoin remains about 4% lower compared to a week ago. Smaller tokens led the recovery, with the CoinDesk 80 index up 2.2% since midnight UTC, while the CoinDesk 100 remains 2.2% lower over 24 hours. Starknet's STRK token surged 33% following an announcement that the network is considering becoming a standalone layer-1 blockchain to achieve full quantum resistance by 2027.
Why it matters
The source implies that geopolitical developments, specifically Trump's comment ruling out an Iran strike before the midterms, influenced market sentiment and contributed to Bitcoin's rebound. The fluctuating performance of tokens and ETFs, along with large liquidations, reflects ongoing market volatility tied in part to political and technical factors. The possible transition of Starknet to a standalone blockchain signals significant technical ambition with potential industry implications.
Key context
The Bitcoin and ether markets had declined over the past week, with ether dropping 9%. The rebound followed Trump's public statement on Truth Social. Market derivatives show a decrease in futures open interest and predominantly long positioning, suggesting the rebound may be occurring without additional leverage. Ethereum researcher Justin Drake’s call for a “bunker mode” during a selloff was met with criticism accusing it of inducing fear and uncertainty. Recent token movements include several layer-1 blockchain tokens rising on new developments or exchange listings.
Key numbers and entities
Bitcoin (BTC) around $82,500, down 4% weekly; ether (ETH) near $2,500, down 9% weekly. CoinDesk 80 index up 2.2% since midnight UTC; CoinDesk 100 index down 2.2% over 24 hours. Starknet’s STRK up 33%. Futures open interest at $27.1 billion, down 1.9% over 24 hours. Liquidations totaled $1.09 billion in 24 hours, with $931 million from long positions. Notable entities include Donald Trump, Starknet, Ethereum Foundation researcher Justin Drake, Coinbase cryptographer Yehuda Lindell, and exchanges Upbit and Hyperliquid.
What remains unclear
The source does not clarify if or when Starknet’s plan to become a standalone blockchain will be approved or how exactly it will achieve full quantum resistance. It also does not provide details on the causes behind the large liquidation volume beyond general market movement. The broader impact of political events on long-term crypto market trends remains unexplored. Additionally, the rationale behind the mixed performance of AI-related tokens following the OpenAI revenue disclosure is not fully explained.