Leading cryptocurrencies diverged from the stock market on Thursday, even as investors dissected reports of a ceasefire between the U.S. and Iran.

Crypto Market Stagnates

Bitcoin hit a six-week low, sliding to $72,500 before bouncing back above $73,000 by evening. Trading volume jumped 17% in the last 24 hours. Ethereum dived below $2,000 in the early trading hours before rebounding later in the day as selling pressure remained high.

Over $600 million in bullish long positions was wiped out from the cryptocurrency market in the past 24 hours, according to Coinglass data.

Bitcoin’s open interest rose 0.87% over the last 24 hours. An increase in open interest alongside a drop in spot price…

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