Bitcoin fell to a two-week low of $67,371 during Asian trading before snapping back above $71,000, marking an intraday rebound of about 5.86%. The latest quoted price was $70,520. The move was tied less to on-chain activity than to a geopolitical headline: Trump said a planned attack on Iranian energy infrastructure and power plants had been paused, and risk assets quickly turned higher.
Ether rose in the same stretch. ETH climbed from a low of $2,030 to $2,187, up roughly 5.65%, and was later holding near $2,160. Other major tokens also recovered. XRP gained about 3.7% to $1.44, while SOL traded in an $87 to $92 range. DOGE, LINK, and several other large-cap coins posted gains close to those seen in BTC and ETH.
Liquidations Pass $659 Million as Leveraged Positions Unwind
Before the rebound, leveraged traders were hit by a sharp washout. As Bitcoin dropped to $68,200, the market saw a chain reaction of forced liquidations. Total crypto liquidations over the past 24 hours exceeded $659 million, the largest single-day long-side wipeout since February 25. The report also noted a whale short position worth $35.3 million still on-chain. If BTC pushes through $72,400, that position would face forced liquidation.
Global Markets Add $2.5 Trillion in 20 Minutes
Trump said the two sides had held “very good and effective” talks and announced a pause in the strike plan. After the statement, global markets added $2.5 trillion in value within 20 minutes. S&P 500 futures jumped 3.98%, while Nasdaq futures rose 4.17%. Bitcoin’s market capitalization increased by $80 billion on the day. Iranian state media later denied that any direct or indirect contact had taken place, leaving a clear contradiction between the two sides’ accounts.
Fear Index Recovers, but Miner Pressure Remains
Market sentiment improved from the prior week, with the Fear and Greed Index rising from 11 to 33. The Dow gained 631 points last Friday, and S&P and Nasdaq futures were also up another 2.7% during the latest session. Mining economics remain under strain. The average Bitcoin production cost was cited at about $88,000, well above spot price, implying a loss of roughly $19,000 per coin and continued signs of miner capitulation.