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Over $80 million in shorts were wrecked in the past hour alone.
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Summarize with AI
Summarize with AI
Bitcoin’s price is on the move again, this time favoring the bulls. The asset just exploded by several grand in less than an hour, going from just over $65,000 to a multi-day peak of early $69,000.
The altcoins are on the rise as well, with ETH skyrocketing past the coveted $2,000 level, while SOL has neared $90. XRP and BNB have gained over 4% in an hour.
It’s difficult to follow all the geopolitical developments that have taken place in the past 48 hours. Recall that the US and Israel joined forces to attack Iran on Saturday morning, killing its Supreme Leader in the process. The Middle Eastern country retaliated against several nations in the region, including Qatar, the UAE, Saudi Arabia, and others.
Tension has continued to escalate since then, with US President Trump making numerous warnings toward Iran, while also speculating that the war could last up to four weeks.
Perhaps the most probable reason behind the instant price pump in the cryptocurrency markets now is the upcoming POTUS speech on the situation, which will take place in just a few hours.
Additionally, Trump said that while the US has used substantial force in its attacks against Iran to this moment, “the big wave” is yet to come.
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Crypto liquidations are on the rise again following the latest set of volatility, with the 24-hour wrecked figures exceeding $400 million. While longs still overhauled shorts on a daily scale, the latter have reigned supreme in the past hour, with $80 million against less than $5 million for longs.
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Source: https://cryptopotato.com/5-in-1-hour-bitcoin-price-explodes-to-69k-ahead-of-trumps-speech-on-iran-situation/
