Bitcoin surged above $70,000 on Monday for the first time since March 25, amid reports that Iran was pursuing a ceasefire in the ongoing conflict.
The cryptocurrency increased by over 3.5%, exceeding $70,200 today, while Ether rose up to 5.1%.
The rise comes as Trump issued more assertive threats warning that the US would bring “Hell” to Iran if it didn’t reopen the Strait of Hormuz.
“Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!,” the President wrote late Sunday.
Approximately $273 million worth of bearish positions in cryptocurrencies were closed in the past 24 hours, according to Coinglass data.
Bitcoin has remained between $65,000 and $75,000 for several weeks, unable to escape ongoing downward pressure since the October selloff, which has kept it about 45% below its all-time high of $126,000.
By CEO NA Editorial Staff
