Bitcoin’s price reversed its recent downtrend in the past hour or so, skyrocketing by roughly three grand from the bottom to touch $71,500 before it retraced slightly.
The main reason for this sudden price uptick was Trump’s latest announcement on the Iran-US/Israel front. In a statement on his family’s social media platform, the POTUS said the US and Iran have had “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East” over the past two days.
“Based on the tenor and tone of these in-depth, detailed, and constructive conversations, which will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” he added.
This is the most significant attempt at de-escalation in the war that started nearly a month ago. Moreover, it comes just 36 hours after Trump warned to ‘obliterate’ Iran if it doesn’t safely reopen the Strait of Hormuz.
Bitcoin’s price reacted immediately to the announcement. The asset had already declined to under $68,500 before it skyrocketed by three grand to touch $71,500 for the first time since last Thursday.
Although it has lost some traction since then, it still stands close to $71,000. The sudden move upward has caught short traders off guard, with nearly $270 million in such positions wrecked in the past hour alone.
The total liquidations daily are up to $780 million as of press time, with over 200,000 traders getting wiped out, according to CoinGlass data.
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