For the first time since February 3rd Bitcoin reached $78,000 after Iran announced it would fully reopen the Strait of Hormuz to commercial shipping until the end of the ceasefire. Markets breathed a sigh of relief following this news, as it eased pressure on one of the world’s most important energy hubs.
The largest kriptovalyuta rose 5% on the news, reaching $78,000, according to According to Coingecko. This growth continued the weekly rebound that resulted in Bitcoin rose nearly 7% from below $70,000 to its highest level since early February.
Bitcoin Price Data from CoinGecko
The rise in prices triggered a sharp wave of liquidations of leveraged positions. Data CoinGlass showed that approximately $243 million was liquidated in the last hour, with the majority of the losses coming from traders expecting a further decline. Traders shorting Bitcoin lost over $100 million.
It turns out that investor Standy Druckenmiller, who recently I didn’t advise trading assets in short.
The total amount of liquidations over the longer 24-hour period exceeded $720 million, the highest figure since mid-March.
The growth occurred against the backdrop of a changing macroeconomic situation, namely the announcement by Iranian authorities of the full opening of the Strait of Hormuz to commercial shipping for the duration of the ceasefire.
In accordance with the ceasefire in Lebanon, passage for all commercial vessels through the Strait of Hormuz is declared fully open for the remainder of the ceasefire period, wrote Foreign Minister Seyed Abbas Araghchi posted on social media.
He added that ships must follow a coordinated route established by Iranian maritime authorities.
After this news, According to According to Tradingview, oil prices fell more than 11%. This partially offset the premium gained during the period when the strait remained largely closed.
Risk Warning:
The information on this website is for informational and educational purposes only and does not constitute investment advice or financial recommendations. Cryptocurrencies and digital assets carry a high level of risk, including possible loss of capital. The editors are not responsible for decisions made based on the published materials. It is recommended that you conduct your own research (DYOR) before making investment decisions. Read the editorial policy. https://happycoin.club/about/