Bitcoin experienced significant price swings this week, largely driven by rapidly evolving geopolitical events surrounding the US and Iran. Initial threats of military action from President Trump caused a sharp decline, briefly pushing Bitcoin below $69,000, as investors fled risk assets. However, a subsequent announcement of a two-week ceasefire, brokered by Pakistan, triggered a substantial rally, propelling Bitcoin past $72,700. This surge resulted in approximately $595 million in liquidations, primarily impacting short positions. Oil prices also reacted dramatically, falling over 22% after peaking above $117 per barrel. While the ceasefire provided temporary relief, skepticism remains regarding its long-term durability. Despite the volatility, spot Bitcoin ETF inflows remained strong, suggesting continued institutional interest. Changpeng Zhao’s memoir detailing Binance’s rise and legal battles also emerged this week, adding another layer to the crypto landscape.
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