Bitcoin steadies near $82,500 after Trump rules out Iran strike before midterms
Bitcoin bounces as geopolitical tensions ease
Bitcoin recovered to around $82,500 on Friday after falling to a low near $80,300 the day before, when President Donald Trump said the U.S. would not attack Iran before the Nov. 3 midterm elections. Despite the rebound, Bitcoin remained about 4% lower than a week earlier. Ether fell 9% over the same period, dropping to around $2,500.
The recovery was led by smaller tokens rather than the largest cryptocurrencies. The CoinDesk 80 index rose 2.2% since midnight UTC, more than doubling the gain in the CoinDesk 5. However, the bounce has not erased Thursday's losses. The CoinDesk 100 remained 2.2% lower over 24 hours, and decentralized finance tokens were down nearly 4%.
Key market numbers
- Bitcoin traded near $82,500, up from a low near $80,300 but still down about 4% on the week.
- Ether fell 9% over the week to around $2,500.
- Brent crude oil slipped about 1% to around $103 a barrel.
- The CoinDesk 80 rose 2.2%, while the CoinDesk 100 was down 2.2% over 24 hours.
- U.S.-listed Bitcoin, ether, and Zcash ETFs posted outflows on Thursday, leaving XRP funds as the only crypto products to receive money.
- Bitcoin futures open interest dropped 1.9% over 24 hours to $27.1 billion.
- Funding rates stayed positive at around 5% annualized.
- $1.09 billion in positions were liquidated over 24 hours, with longs making up about 85% of the total.
Trump's statement calms markets
The rebound followed a Truth Social post from Trump on Thursday stating the U.S. would not attack Iran before the midterm elections. U.S. equity futures also rose on the news, with Nasdaq 100 index futures climbing 0.83% and S&P 500 futures gaining 0.44% since midnight.
Pushback on quantum concerns
Part of Thursday's selloff was linked to Ethereum Foundation researcher Justin Drake's call for a "bunker mode" on cryptography, which drew negative reactions. Coinbase cryptographer Yehuda Lindell pushed back, dismissing the concerns as fear, uncertainty, and doubt. Lindell said there is no evidence that the elliptic-curve assumptions behind Bitcoin and ether have been broken.
Starknet plans quantum-resistant upgrade
Starknet's STRK token jumped 33% after the network announced it is considering becoming a standalone layer-1 blockchain. The move is aimed at achieving full quantum resistance by 2027, a goal related to protecting blockchain systems from future quantum computing threats.
Why traders watch positioning
Derivatives data showed that the rebound has occurred without fresh leverage entering the market. Bitcoin futures open interest has barely moved since Thursday's afternoon liquidation event even as the price recovered. Accounts holding long Bitcoin positions outnumber shorts by nearly two to one, with the aggregated long/short ratio standing at 1.85, or about 65% long.
What this means
The episode shows how quickly crypto prices can react to geopolitical developments. Bitcoin and ether fell on Thursday on a mix of political tension and broader market anxiety, then partially recovered once uncertainty eased. The fact that the rebound came without increased leverage suggests traders are approaching the situation cautiously rather than betting heavily on a sustained recovery.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.