Bitcoin Sees Wild Price Swings as Iran Rejects Trump’s De-escalation Claims

The cryptocurrency markets are often impacted by major global developments, and the past hour or so proved that narrative right once again.

Recall that BTC skyrocketed by three grand in minutes after Trump said he and his team carried out successful and in-depth talks with Iran’s leaders and agreed to pause all military operations against the latter’s power plants for five days as the conversations continue.

However, Iran issued a statement immediately after Trump’s post went viral, denying his claims. Moreover, Iran said there “has been no indirect or direct contact with President Trump,” and blamed the POTUS for trying to buy time in the war that’s not going as promised.

Iran’s officials went further, as they alleged Trump “withdrew” from attacking power plants after the Middle East country issued “firm warnings.” They added that the Strait of Hormuz will “not return to pre-war conditions as long as psychological warfare continues.”

The primary cryptocurrency retraced instantly after Iran’s statement. The asset touched a multi-day peak of $71,500 but slipped by two grand in minutes before it settled at around $70,000 as of press time.

All this volatility continues to harm over-leveraged traders, with more than 200,000 such market participants being wrecked in the past day. The total value of liquidations has risen to $800 million, according to CoinGlass data.

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