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On Monday, March 23, Bitcoin surpassed $71,000, experiencing a sharp increase of nearly 5%. The rise of the leading cryptocurrency commenced following a post by U.S. President Donald Trump on his social media platform Truth Social, announcing a five-day halt to air and missile strikes on Iran’s energy infrastructure.
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Ethereum saw a momentary increase of 6.4%, reaching $2,174, while Solana rose by 5.3% to $90.51, and XRP climbed 4% to $1.43, according to CoinGecko.
Trump assured that in the past two days, his administration and the authorities of the Islamic Republic had engaged in “very good and productive negotiations” regarding the cessation of hostilities. However, when Iranian officials refuted the American president’s statements, cryptocurrency prices experienced a slight correction.
Short positions in Bitcoin were liquidated for $266 million within an hour following Trump’s announcement. Long positions exceeding $62 million were liquidated in oil crypto futures on the Hyperliquid platform. The price of June Brent crude futures plummeted by 14% after Trump’s post.
Since the onset of the U.S. and Israeli conflict with Iran, cryptocurrencies have emerged as leaders in growth among investment assets. Investors have begun to view Bitcoin and major altcoins as a “safe haven,” as gold and other precious metals, oil, and stocks have exhibited greater volatility due to panic selling, analysts from Bloomberg reported.
Experts from the on-chain platform Santiment noted that Bitcoin has become more responsive to Trump’s comments about Iran on social media. Any hint of a potential resolution to the military conflict pushed the leading cryptocurrency above $70,000, while posts suggesting further escalation drove the price down to $68,000.
Specialists from the trading firm QCP Capital observed that the intensification of the conflict in the Middle East has heightened interest in cryptocurrencies as a means for cross-border transactions and liquidity preservation, influencing the prices of digital assets.
