Finance News

Story: Bitcoin Rockets Past $70K as Iran Tensions Spike

By Pankaj K

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Oil Surge Sparks Inflation Fears. Trump's Iran rhetoric didn't just move crypto markets.

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Technical Levels Hold Firm. Market watchers are eyeing key support zones closely.

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Bitcoin smashed through $70,000 Wednesday morning. The world's biggest cryptocurrency hit $70,271 before pulling back to around $69,300, marking its strongest surge in weeks as…

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Trump's latest comments about Iran sent shockwaves across trading floors. He warned of potential military strikes on Iranian infrastructure while also hinting at swift…

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Bitcoin's rally wasn't pretty for short sellers.

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Data from Bitcoin Magazine Pro and CoinGlass showed roughly $255 million in positions got liquidated within 24 hours.

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Trump's Iran rhetoric didn't just move crypto markets. Oil traders panicked about potential supply cuts from the Strait of Hormuz, one of the world's most critical shipping lanes.

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Bitcoin's reaction shows how much the asset has evolved. It's been trading between $65,000 and $75,000 for weeks, displaying unusual stability compared to its wild past.

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U.S.-listed spot Bitcoin ETFs pulled in $22.3 million in net inflows last week, according to data from several fund tracking services.

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Market watchers are eyeing key support zones closely. The $65,000 to $66,000 range has become crucial for Bitcoin bulls.

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Ethereum joined the party too, climbing to $4,600 before settling around $4,500. XRP jumped to $1.10, showing that the geopolitical jitters affected the broader crypto space.

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The Chicago Mercantile Exchange saw record Bitcoin futures volume on Wednesday. Institutional traders are clearly hedging their bets as global tensions rise.

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JPMorgan analysts weighed in Thursday morning. They think the geopolitical mess could keep markets volatile for weeks.

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Tim Draper, the billionaire Bitcoin bull, credited institutional adoption for the rally's staying power.

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Binance reported open interest in Bitcoin futures jumped to $3.5 billion. That's a big number, showing traders are positioning for more volatility ahead.

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