Bitcoin Hits 40-Day High as ₱6.76 billion ($113 million) in Shorts Liquidated
Geopolitical tensions between the U.S. and Iran triggered a flight to safety in Bitcoin, with the asset rallying 2.7% on Monday as traders bet chaos drives prices higher. The move liquidated nearly ₱6.76 billion ($113 million) in short positions within an hour.
Key Takeaway
Traders are betting geopolitical chaos drives Bitcoin higher, not lower — ₱6.76 billion ($113 million) in shorts proved them right.
Bitcoin hit a 40-day high on Monday, jumping from $72,400 to $74,320 in under 30 minutes.
The surge came as US President Donald Trump pushed allies including Britain and Japan to form a coalition to reopen the Strait of Hormuz, which Iran blocked following escalating tensions. Trump is also weighing military seizure of Kharg Island, which handles roughly 90% of Iran's crude oil exports.
Short sellers got crushed. CoinGlass data shows ₱6.76 billion ($113 million) in short positions liquidated within the hour. In the 24-hour period, 94,612 traders were liquidated across all positions, with total liquidations hitting ₱23.04 billion ($385.48 million).
By early afternoon Monday, Bitcoin was trading near $73,900, up 2.7% on the day. The rally extended Bitcoin's climb to over 15% from post-strike lows. Since the US-Iran conflict broke open on February 28, the digital asset market cap has grown by more than ₱18.53 trillion ($310 billion).
This article was written based on reporting from NewsBTC.
