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Traders betting against Bitcoin and other cryptocurrencies are facing a wave of liquidations after Iran announced that the Strait of Hormuz is fully open to commercial shipping, easing concerns about potential energy supply disruptions.
Over the past 24 hours, $815.42 million in leveraged crypto positions were liquidated, according to market data tracker CoinGlass. The majority of these liquidations were concentrated in short positions, totaling $661.93 million.
Following the announcement, broader markets moved higher in a “relief rally.” The shift was reinforced by signals from President Trump indicating strong progress toward a landmark deal with Iran, which helped reduce fears of energy supply shocks and supported a renewed risk-on tone.
Bitcoin (BTC) rebounded from a 24-hour low of $74,695 to a high of $78,232. At the time of publication, BTC was trading at $77,537.
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