Hassan Maishera
TL;DR
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BTC is up 3.5% in the last 24 hours and now trades at $69,090 per coin.
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The rally comes as reports emerged that the United States and Iran are discussing a ceasefire deal.
BTC Reclaims $69k, Leveraged Traders Suffer Losses
The cryptocurrency market began the new week bullish, with Bitcoin and Ether currently in the green. Bitcoin is up by 3.5% in the last 24 hours and is now trading at $69,090 per coin.
Ether, the second-largest cryptocurrency by market cap, reclaimed the $2,100 level following its 4.5% rally over the past few hours.
The rally comes as reports emerged that the United States and Iran are discussing a 45-day ceasefire that could permanently end the war.
However, Santiment data published Saturday shows social media commentary on bitcoin has hit a ratio of five bearish posts for every four bullish ones, the most negative skew in five weeks.
The last time sentiment was this one-sided was the day Operation Epic Fury launched and bitcoin dropped below $65,000 for the first time in the conflict.
With the rally over the past few hours, $108 million worth of leveraged positions were wiped out from the market in the last 24 hours. According to CoinGlass, $104 million of those positions were shorts, with the remaining $4 million longs.
The war in the Middle East continues to affect the financial markets, with Bitcoin and the broader crypto market deeply affected. President Trump has warned to “blow everything up” in Iran in case the state fails to make a deal by 01:00 GMT on Wednesday.
With the two sides now in discussion, a ceasefire deal could push Bitcoin’s price over the $70,000 psychological level in the near term.
