On Monday morning, Bitcoin prices saw a strong surge, reaching a new six-week high of over $74,000. This change was quite unexpected, as tensions in the Middle East escalated over the weekend with the U.S. striking key Iranian islands, while traditional financial markets had already reacted to this news hours earlier.
Meanwhile, many altcoins performed even better, with Ethereum (ETH) finally breaking through the $2,200 mark.
Overall Uptrend in the Crypto Market
Despite Bitcoin briefly falling to $72,000 yesterday, its price quickly rebounded to the aforementioned six-week high as traditional financial markets opened on Sunday night and Monday morning. In the past 24 hours, Ethereum was one of the standout performers, rising 8% and nearing $2,300 for the first time since early February.
Other cryptocurrencies also showed strong performance, with ADA up 10%, DOT up 12%, PEPE up 15%, and ETC up 9%. According to CoinGlass, the total value of liquidations has risen to $350 million, with nearly $300 million coming from short positions. Interestingly, Ethereum shorts accounted for the largest share, followed by Bitcoin.
Latest Developments
While Trump initially stated that the U.S. did not wish to attack the oil infrastructure on Kharg Island, he threatened to take action if Iran interfered with the "freedom of safe passage" in the Strait of Hormuz. He subsequently called on multiple countries to send warships to protect this passage.
More recently, he is considering sending ground troops to seize this critical island, which is responsible for over 90% of Iran's oil production.
Breaking News: Trump is considering sending ground troops to seize Iran's Kharg Island, Axios reports.
Specific details include:
- This move seems to depend on whether tankers are still trapped in the Persian Gulf.
- Trump is working to form a national coalition to support this action…