Bitcoin jumped sharply on March 23 after Donald Trump said the US would pause planned military strikes on Iran for five days.
The price had dropped below $68,500 earlier in the day as geopolitical tensions rattled markets. It then climbed around $3,000 in hours, briefly hitting $71,500 before pulling back slightly. At the time of writing, Bitcoin was trading near $71,000.
Trump said US-Iran talks over the past two days had been “very good and productive.” He also said he had instructed the “Department of War” to delay strikes on Iranian power plants and energy infrastructure while negotiations continue.
The shift in tone was a big deal. Just 36 hours earlier, Trump had warned he would “obliterate” Iran if the Strait of Hormuz was not safely reopened.
Bitcoin’s sudden recovery caught bearish traders badly off guard. Data from CoinGlass showed nearly $270 million in short positions were liquidated within just one hour as prices surged.
Total crypto liquidations hit around $780 million by press time, with more than 200,000 traders getting wiped out across the market.
The rally marked Bitcoin’s first return to the $71,500 level since the previous Thursday, showing just how fast market sentiment can flip on a single political statement.
