Cryptocurrency markets surged suddenly, with Bitcoin climbing from $65,000 to nearly $69,000 in under an hour. The move triggered over $80 million in short position liquidations in the past hour alone. The surge comes ahead of a scheduled speech by Donald Trump on the escalating Iran conflict, which has seen heightened military actions over the past 48 hours.
Bitcoin’s price exploded by several thousand dollars in less than an hour. The asset reached a multi-day peak near $69,000 after trading just above $65,000.
Major altcoins followed the bullish move. Ethereum passed $2,000, while Solana neared $90, and XRP and BNB each gained over 4%.
Geopolitical tension has escalated following a joint U.S. and Israel attack on Iran on Saturday. The strike resulted in the death of Iran’s Supreme Leader, as mentioned in related reports.
Iran retaliated against several nations in the region, including Qatar, the UAE, and Saudi Arabia. U.S. President Donald Trump has since made numerous warnings toward Iran and speculated the war could last up to four weeks.
The immediate price pump is widely attributed to an upcoming presidential address. Trump is scheduled to speak on the Iran conflict at 11 a.m. ET, according to a social media announcement.
Trump stated that while substantial force has been used, “the big wave is yet to come.” This impending speech appears to be a key market catalyst.
Total crypto liquidations exceeded $400 million over 24 hours. However, shorts dominated the past hour, with $80 million liquidated against less than $5 million in longs.
