- Trump’s temporary pause on Iran strikes fuels crypto surge as Bitcoin jumps to $71K.
- $799.88 M crypto liquidated in the last 24 hours as market fear quickly fades.
- Ethereum and Solana move higher after Trump signals Middle East tensions are cooling.
Global markets jumped on Monday after US President Donald Trump announced a five-day temporary pause on Iran strikes. The decision eased market tension and pushed flashship cryptocurrency Bitcoin to rally above $71K quickly.
Perhaps this sudden move also triggered nearly $800 million in liquidations in the derivatives market.
Trump Announces 5-day pause on Iran strikes
Trump said on Truth Social that the decision came after “very good and productive conversations” with Tehran, aimed at achieving a “complete and total resolution” of tensions in the Middle East. He added that the pause depends on progress in ongoing talks this week.
The announcement followed Trump’s earlier warning to strike Iranian power plants if the Strait of Hormuz stayed closed. Iran remained defiant, threatening naval mines in the Gulf and attacks on power plants.
The pause eased some geopolitical tensions, sending risk-sensitive assets higher. According to CoinMarketCap data, Bitcoin (BTC) jumped to $70,771 from $67,588, Ethereum (ETH) rose 4.3% to $2,159, and Solana (SOL) and XRP (XRP) also gained, showing a quick market rebound.
$265M Short Liquidations Shake Traders
The sudden price move triggered large liquidations in the derivatives market. Around $369.60 million in short positions were liquidated in the last 24 hours.
According to Coinglass, total liquidations over 24 hours reached $799.88 million, affecting nearly 196,528 traders.
Bitcoin led liquidations with $248.75 million, followed by Ethereum at $196.66 million. Some individual orders, including an ETH position worth over $16 million, were wiped out during the volatility.
Bitcoin, Ethereum Lead Market Gains
Major cryptocurrencies led the rebound as sentiment improved. Bitcoin moved back above $71,000, while Ethereum recorded steady gains. On prediction markets like Myriad, user sentiment shifted decisively bullish. Bitcoin now holds a 50.1% chance of reaching $84,000 in its next move, up from 41% earlier.
Solana and XRP also climbed, reflecting broader recovery across altcoins. The move highlights how quickly crypto markets react to geopolitical developments.
Meanwhile, the U.S. dollar index slipped to 99.3, and the 10-year Treasury yield fell to 4.3%, reflecting broad market adjustments.
Related: Peter Schiff Warns U.S. War Spending Could Fuel Debt, Inflation
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Source: https://coinedition.com/crypto-market-rallies-as-trump-announces-5-day-pauses-on-iran-strikes/
