Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Bitcoin prices rose after U.S. President Donald Trump announced major steps to quell the conflict with Iran, with the market regaining positive momentum after a period of decline.
Over the past hour, Bitcoin reversed its downward trend and gained about $3,000 from the lows to reach $71,500 before easing back slightly to trade above $70,000.
The sudden rise was fueled by Trump’s recent comments on tensions between the United States, Iran and Israel.
In a statement published on the “Truth” social media platform, he explained that Washington and Tehran have held very positive and fruitful talks over the past two days aimed at reaching a comprehensive and complete solution to the conflict in the Middle East.
Trump added that based on the nature of what he described as in-depth and constructive talks, he issued the directive to delay any potential military strikes against Iran’s power plants and infrastructure for five days while tying it to the outcome of ongoing meetings this week.
The development is the most prominent attempt to de-escalate the conflict since it erupted about a month ago, especially coming just 36 hours after Trump threatened to destroy Iran if the Strait of Hormuz was not reopened unsafely.
This political shift was quickly reflected in the market, with Bitcoin prices falling below $68,500 before jumping again to $71,500, the highest level since last Thursday.
Although it subsequently lost some of its gains, the price remained stable above $70,000, indicating that the upward momentum continues to be strong.
The sudden move confused short positions, with around $270 million worth of positions being liquidated in just an hour.
According to CoinGlass data, daily liquidations total approximately $780 million, with more than 200,000 traders exiting the market.
Also read:
Bitcoin price falls below $70,000, fear still controls investors’ souls
