Bitcoin rose above $74,000 on Monday, its highest level in about six weeks, boosted by a wave of short liquidations, even as investors remained wary of escalating geopolitical tensions in the Middle East.
The world’s largest cryptocurrency last traded 3.4% higher at $73,892.4 by 02:21 ET (06:21 GMT), after climbing to as high as $74,336.9 earlier in the session.
Bitcoin jumped 6% last week, even as global stock markets declined as surging oil prices stoked inflation fears.
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Crypto jumps on short liquidations Crypto markets gained broadly as traders who had bet on further declines rushed to cover their positions.
Data from CoinGlass showed roughly $344 million in total crypto liquidations over the past 24 hours, with short liquidations accounting for about 83% of the total.
Liquidations occur when leveraged traders are forced to close positions after prices move against them, often amplifying market moves.
Despite the rebound, market sentiment remained cautious as the Middle East conflict entered its third week, raising concerns about global energy supplies and inflation.
U.S. President Donald Trump has called on allies to help secure the strategic Strait of Hormuz, a vital route for global oil shipments, as hostilities continue in the region.
Oil prices remain above $100/bbl amid Iran war Media reports showed that despite repeated claims by U.S. authorities that Iran’s military capabilities had been destroyed, drone attacks continued in Gulf states on Monday.
Oil prices also remained buoyed above $100 a barrel amid fears of supply disruptions around the strategic Strait of Hormuz, a key shipping route for global crude exports.
U.S. stock futures edged higher in Asian trading on Monday as investors awaited the U.S. Federal Reserve’s policy meeting later this week, where policymakers are widely expected to keep interest rates unchanged while assessing inflation risks.
Analysts said geopolitical uncertainty and macroeconomic risks could keep crypto markets volatile in the near term, even as short covering drives near-term price gains.
Crypto price today: altcoins rise sharply; Ether jumps 8% Most altcoins also gained on Monday, amid a broader crypto rebound.
World no.2 crypto Ethereum jumped 8% to $2,265.88.
World no. 3 crypto XRP fell 5% to $1.48.
Solana and Polygon rose 6% each, while Cardano surged nearly 10%.
Among meme tokens, Dogecoin climbed 7%.
