Bitcoin nears $75K as Iran deal hopes spark $400M short squeeze

A broad hope for a US deal with Iran to end weeks of conflict has spurred investor confidence in riskier assets.

Bitcoin has surged to its highest price in nearly a month, triggering hundreds of millions worth of liquidations as hopes of a deal between the Trump administration and Iran washed the crypto market with positive sentiment.

The crypto market surged to a total value of $2.6 trillion, its highest level for a month, liquidating 177,000 traders of $530 million over the past 24 hours, according to CoinGlass.

The majority of liquidations occurred in the past 12 hours, and 80% of them, or $425 million, were leveraged short positions in Bitcoin (BTC) and Ether (ETH). 

Read more