Leading cryptocurrencies dived alongside stocks on Thursday as elevated Middle East tensions trimmed investors’ risk appetite.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.51% | $64,953.64 |
|
Ethereum (CRYPTO: ETH) |
-3.13% | $1,871.30 |
| XRP (CRYPTO: XRP) | -2.80% | $1.10 |
| Solana (CRYPTO: SOL) | -2.87% | $75.89 |
| Dogecoin (CRYPTO: DOGE) | -5.02% | $0.06921 |
Crypto Market in Red
Bitcoin fell back to the mid-$64,000s, while Ethereum dropped to around $1,800, reversing earlier weekly gains. XRP and Dogecoin also broke to the downside.
Cryptocurrency-related stocks also declined, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 6.38% and -6.48%, respectively.
Over $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $188 million in bullish long positions alone wiped out, according to Coinglass data.
Bitcoin’s open interest fell 2.85% over the last 24 hours. A falling open interest with falling prices typically indicates that traders are exiting their long positions rather than new sellers taking over.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:20 p.m. EDT) |
| Rootstock Infrastructure Framework (RIF) | +77.60% | $0.1265 |
| Audiera (BEAT) | +17.16% | $3.03 |
| Lorenzo Protocol (BANK) | +15.70% | $0.2936 |
The global cryptocurrency market capitalization stood at $2.25 trillion, following a dip of 0.59% over the last 24 hours.
Read Also: Bitcoin Outpaces Semiconductor Stocks by 25% as VanEck's Matthew Sigel Sees Path Back to $100,000
Stocks Edge Lower
Stocks extended the decline on Thursday. The Dow Jones Industrial Average fell 506.93 points, or 0.97%, to end at 51,711.65. The S&P 500 slid 1.21% to 7,408.30, while the tech-heavy Nasdaq Composite lost 2.15% to close at 25,137.69
U.S. strikes on Iran entered their 13th consecutive day, while Yemen’s Iran-backed Houthi militia announced a maritime embargo on Saudi Arabia, raising fresh worries about oil exports transiting the Red Sea, another key oil shipping route
U.S. forces started another night of strikes against Iranian military targets at 6:45 p.m. ET today. This is the 13th consecutive night of strikes aimed to hold Iran accountable and diminish threats from the Islamic Revolutionary Guard Corps to commercial shipping.
— U.S. Central Command (@CENTCOM) July 23, 2026
Time to Accumulate?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin’s Sharpe ratio—which measures the reward per unit of risk—has dived into the negative territory, creating an “asymmetric” entry point for long-term investors.
“Past instances where the ratio compressed to these levels, such as during the 2015, 2019, and 2022 bear market bottoms, marked final capitulation phases,” the analyst added.
OPTIMAL TIME TO ACCUMULATE BITCOIN
— Ali Charts (@alicharts) July 23, 2026
Bitcoin's Sharpe ratio has dropped to -23, signaling an optimal window for spot accumulation.
The Sharpe ratio measures the reward per unit of risk, or volatility. A positive ratio indicates returns outweigh risk, while a negative ratio… https://t.co/SxJ0w635qE pic.twitter.com/PVHEAmIDS0
Michaël van de Poppe, another prominent cryptocurrency influencer, said that Ethereum’s $2,500 target remains intact, while admitting that the latest correction “isn’t great for the markets.”
The target zone remains intact for $ETH.
— Michaël van de Poppe (@CryptoMichNL) July 23, 2026
I'm expecting to see $2,500 from here, even though the correction isn't great for the markets. pic.twitter.com/TvQz8sR7Vo
Photo Courtesy: Marc Bruxelle on Shutterstock.com
