\n\t\t\t\t\t\t\t\t\tThe total value of wrecked short positions in the past hour alone is well above $260 million.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin\u2019s 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.<\/p>\n
The main reason for this sudden price uptick was Trump\u2019s latest announcement on the Iran-US\/Israel front. In a statement on his family\u2019s social media platform, the POTUS said<\/a> the US and Iran have had \u201cvery good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East\u201d over the past two days.<\/p>\n \u201cBased 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,\u201d he added.<\/p>\n<\/blockquote>\n 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<\/a> to \u2018obliterate\u2019 Iran if it doesn\u2019t safely reopen the Strait of Hormuz.<\/p>\n Bitcoin\u2019s 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n \u00a0<\/p>\n\n
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