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Bitcoin hits a six-week high above $74,000
Bitcoin climbed above $74,000 on Monday, reaching its highest level in about six weeks, supported by a wave of short liquidations, even as investors remained cautious due to escalating geopolitical tensions in the Middle East.
The world’s largest cryptocurrency was up 3.4% at $73,892.4 as of 06:21 GMT, after earlier rising to $74,336.9 during the session.
Bitcoin gained about 6% last week, even as global stock markets declined amid rising oil prices, which increased concerns about inflation.
Cryptocurrencies rise amid short liquidations
Cryptocurrency markets rose broadly as traders betting on further declines rushed to close their positions.
Data from CoinGlass showed roughly $344 million in total crypto liquidations over the past 24 hours, with short liquidations accounting for about 83% of the total.
Liquidations occur when leveraged traders are forced to close positions after prices move against them, often amplifying market movements.
Despite the recovery, market sentiment remained cautious, as the conflict in the Middle East entered its third week, raising concerns about global energy supplies and inflation.
U.S. President Donald Trump urged allies to help secure the strategic Strait of Hormuz, a crucial route for global oil supplies, as military actions in the region continue.
Oil prices remain above $100 per barrel
Media reports indicated that despite repeated statements by U.S. officials that Iran’s military capabilities had been destroyed, drone attacks continued in Gulf countries on Monday.
Oil prices also remained above $100 per barrel amid concerns about possible supply disruptions around the strategic Strait of Hormuz, a key route for global oil exports.
U.S. stock futures rose slightly during Asian trading on Monday as investors awaited the Federal Reserve meeting later this week, where policymakers are expected to keep interest rates unchanged while assessing inflation risks.
Analysts noted that geopolitical uncertainty and macroeconomic risks could keep volatility elevated in cryptocurrency markets in the near term, even though short covering is supporting short-term price gains.
Crypto prices today: altcoins surge; Ether jumps 8%
Most altcoins also rose on Monday amid a broader recovery in cryptocurrencies.
The world’s second-largest cryptocurrency Ethereum jumped 8% to $2,265.88.
The third-largest cryptocurrency XRP fell 5% to $1.48.
Solana and Polygon rose about 6% each, while Cardano surged nearly 10%.
Among meme tokens, Dogecoin gained about 7%.
See also: "Bitcoin today: rises to $71K amid regulatory optimism"
