Bitcoin experienced significant volatility early Monday, briefly dropping to a new monthly low near $65,000 before sharply rebounding toward $68,000. This price movement followed reports of escalating geopolitical rhetoric from former President Donald Trump regarding Iran, including a desire to seize its oil and the strategic Kharg Island. The market turbulence led to approximately $300 million in liquidated trading positions, with long positions accounting for over $200 million of the total.
Bitcoin’s price exhibited sharp volatility on Monday, dipping to under $65,000 before jumping nearly $3,000. This activity followed former President Donald Trump commenting on the Iran conflict and calling it a “big day in Iran” on his Truth Social platform. An FT report, cited by The Kobeissi Letter, indicated Trump said he wanted to “take the oil in Iran” and mulls seizing the export hub of Kharg Island. *“To be honest with you, my favorite thing is to take the oil in Iran but some stupid people back in the US say: ‘why are you doing that?’ But they’re stupid people,”* Trump stated.
Concurrently, The Wall Street Journal reported the US is considering a mission to extract nearly 1,000 pounds of uranium from Iran. The WSJ said this complex operation would require US forces to remain in the country for days, though direct negotiations have not yet occurred. Bitcoin’s price swing from its weekend range between $66,000 and $67,000 resulted in substantial market liquidations. Most alternative cryptocurrencies mirrored this volatility, leading to roughly $300 million in wrecked positions within hours.
