Bitcoin rips past $82,000, shorts liquidated after President Trump halts Hormuz operation sending oil price spiralling
Bitcoin surged past $82,000, liquidating shorts, as President Trump halted a Hormuz operation, causing oil prices to plummet.Summary
Bitcoin has surpassed $82,000, leading to the liquidation of over $200 million in short positions. This surge occurred as President Donald Trump paused a US military operation in the Strait of Hormuz, easing geopolitical tensions with Iran. The de-escalation led to a significant drop in oil prices, with Brent crude falling 10% to $97 per barrel and West Texas Intermediate (WTI) dropping 9.82% to $88 per barrel. This reduction in the geopolitical risk premium in oil prices provided a more favorable macro environment for risk assets like Bitcoin. The cryptocurrency's rise is further supported by increasing institutional demand, including substantial inflows into US-listed Bitcoin ETFs and significant buying from corporate treasuries. Derivatives markets also show bullish sentiment, with high open interest in call options above $82,000, targeting potential upside towards $93,000, though analysts caution about excessive leverage.
(Source：CryptoSlate)