Leading cryptocurrencies took a breather on Wednesday, while stocks closed at new records as investors weighed the report of a potential U.S.-Iran deal to end the war.

Crypto Market Cools Down

Bitcoin consolidated in the range between $80,800 and $82,800, while Ethereum retreated to the $2,300 region after pushing past $2,400 the day before.

Over $500 million was liquidated in the past 24 hours, with the majority of that in short positions, according to Coinglass data.

Notably, open interest in Bitcoin futures fell by nearly 4% over the last 24 hours. A falling open interest with a sideways price action typically indicates the market is consolidating or preparing for a trend reversal. 

Benzinga