Dogecoin slides 4%, bitcoin rally pauses as Iran ceasefire optimism lifts equities
Crypto majors took a breather Thursday after a strong run, with bitcoin holding around $81,000 and ether slipping below $2,330 as global equities pushed to fresh records on hopes of a US-Iran deal.
What to know:
- Major cryptocurrencies paused their recent rally, with bitcoin slipping below $81,000 and ether and dogecoin retreating even as weekly gains remained solid.
- Global equities climbed to fresh records on optimism over a potential U.S.-Iran cease-fire and strong corporate earnings, while oil eased and gold extended its surge on rate-cut hopes.
- Analysts see bitcoin’s 200-day moving average near $83,300 as a key bullish test amid rising stablecoin issuance, growing institutional interest from firms like Morgan Stanley, and continued accumulation of ether by large holders.
XRP and BNB held steadier, with XRP at $1.41 and BNB up 1.3% to $643. Solana zoomed 6.1% on the week to $88.06.
The pullback came as global stock markets ripped to fresh records on U.S.-Iran ceasefire hopes, with reports indicating the two countries are working on a proposal to end the nearly 10-week conflict.
The MSCI All Country World Index advanced 0.3% and MSCI’s Asia gauge jumped 1.9% to a record, with Japan’s Nikkei 225 hitting an intraday high. South Korea passed Canada as the world’s seventh-largest equity market by value, with Softbank surging 18% and TSMC adding 3.3%. Wall Street gauges closed at all-time highs Wednesday with about 80% of S&P 500 companies beating earnings estimates, Bloomberg reported.
Brent crude held under $102 a barrel on speculation a US-Iran deal would help resume oil shipments through the Strait of Hormuz, while gold zoomed for a third straight day to $4,700 an ounce on Fed rate-cut bets and easing inflation expectations.
