Bitcoin, Ethereum, XRP, Dogecoin Crack as Trump Says 'We Don't Need a Deal With Iran': Analyst Warns BTC's Correction Could Deepen
Aniket Verma 19 hours ago
NewsCryptocurrency
Leading cryptocurrencies plunged deeper on Thursday, November 12, as investors weighed President Donald Trump's latest remarks on Iran.
Leading cryptocurrencies plunged deeper on Thursday as investors weighed President Donald Trump’s latest remarks on Iran.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 8:24 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -3.80% | $70,887.45 |
| Ethereum (CRYPTO: ETH) | -2.0% | $2,008.24 |
| XRP (CRYPTO: XRP) | -1.80% | $1.03 |
| Solana (CRYPTO: SOL) | -2.10% | $81.33 |
| Dogecoin (CRYPTO: DOGE) | -1.50% | $0.06625 |
Crypto Market Tumbles
Bitcoin fell below $71,000 for the first time in nearly three months, while Ethereum slipped below $2,000 as major cryptocurrencies faced heavy selling pressure.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 6.49% and 4.13%, respectively.
Over $680 million in cryptocurrency positions were liquidated in the past 24 hours, with roughly $600 million coming from bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 1.21% over the last 24 hours. BTC’s Long/Short Ratio fell to 0.79, indicating high bearish exposure.
Market sentiment plunged into "Extreme Fear," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:24 p.m. ET) |
| Beldex (BDX) | +4.90% | $0.0726 |
| MemeCore (M) | +4.70% | $0.8181 |
| Pyth Network (PYTH) | +4.70% | $0.06746 |
Stock Market Makes a U-Turn
The Dow Jones Industrial Average lost 189.40 points, or 0.36%, to close at 52,297.09. The S&P 500 fell 0.35% to end at 7,592.40, while the Nasdaq Composite closed 0.39% higher at 25,366.09.
Geopolitical tensions escalated after Trump said in a Truth Social post, "We don’t need a deal with Iran.”
Iranian Security Chief Mohsen Rezaee warned that Tehran would target U.S. military bases across Europe and the Middle East if Washington launches another round of strikes against Iran.
Will BTC’s Correction Deepen?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted Bitcoin’s nearly 20% decline since early October and its break below the 200-day simple moving average.
“The level I’m watching now is $73,100. Reclaiming it could keep recovery hopes alive,” Martinez stated. “But if BTC remains below it, the correction could deepen.”
2/6 Bitcoin has fallen nearly 20% since early October and recently dipped below its 200-day simple moving average.
— Ali Charts (@alicharts) November 12, 2026
The level I’m watching now is $73,100. Reclaiming it could keep recovery hopes alive. But if $BTC remains below it, the correction could deepen.
And crypto stocks… pic.twitter.com/uQCrO8onJ6
On-chain analytics firm Santiment tracked Bitcoin’s declining social volume around three key “fear” drivers: U.S.-Iran war tensions, Binance’s record $6.3 billion hack and political worries after Democrats won both congressional chambers.
“With roughly seven weeks left in 2026, a relief rally becomes more plausible if BTC can stabilize while focus can finally turn back toward more organic cryptocurrency market cap growth,” the firm added.
🚨 Social Fears Are COOLING As Crypto Searches For Relief
— Santiment Intelligence (@SantimentData) November 12, 2026
🌍 Three major stories dominated crypto discussion during Bitcoin’s -14% slide over the past 30 days. War fears peaked October 22nd as U.S.-Iran tensions and regional attacks threatened another escalation. Binance then… pic.twitter.com/FNuxuID6a9
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