Bitcoin Tops $71,000 as Trump Postpones Iran Power Plant Strike Plans
Bitcoin rose above $71,000 after President Donald Trump announced a pause on planned U.S. strikes against Iranian power plants, citing ongoing diplomatic efforts. The cryptocurrency is trading near $70,000, up 2.5% on the day but still down 5% for the week. Across crypto markets, about $791 million in leveraged positions were liquidated, with $425 million from long positions. Trump's statement temporarily eased geopolitical tensions that had escalated over threats related to the Strait of Hormuz, prompting rapid shifts in global markets. Gold rebounded strongly, climbing from $4,101 to $4,413 per ounce. Oil saw sharp declines: Brent crude fell from over $113 to briefly $98 before stabilizing at $105.91, and WTI dropped over 10% to $88.5 before recovering to $93 per barrel. Prediction markets responded with increased optimism toward Bitcoin, with the probability of it reaching $84,000 climbing to 49%, up from 41% earlier in the day.
