A ceasefire rumor briefly propelled Bitcoin above $70,000 before the rally collapsed as Iran refused the U.S.-brokered 15-point proposal. Pakistan, Egypt, and Turkey mediated a 45-day truce that included reopening the Strait of Hormuz, sending BTC to $70,000 within 24 hours and ETH to $2,149 (up 2.1%). But Iran's flat rejection reversed sentiment, with BTC now trading at $68,742, over $1,200 below the peak.
79,114 Liquidated, Longs Wiped Out Near Top
CoinGlass data shows total liquidations of $238.34 million in the past 24 hours, affecting 79,114 traders. Shorts were initially hit hardest at $135.73 million (56.9%), but the final four hours saw a sharp reversal: long liquidations surged to 90.81% of the total. The largest single liquidation was a $11.84 million BTCUSDT position on Binance.
Ceasefire Collapses, Trump's Deadline Approaches
The rally started on hopes of de-escalation: reopening the Strait of Hormuz would reduce global energy risks, drawing buyers into Bitcoin as a perceived safe haven. But Iran insisted on full war reparations before resuming shipping, stalling talks.
Now all eyes are on Trump's ultimatum, expiring tonight (8 p.m. ET, 8 a.m. Beijing time). If Iran does not reopen the strait, reports suggest joint U.S.-Israeli strikes on bridges and power plants are imminent. Polymarket now prices a 99% probability of U.S. military intervention by end of April. JPMorgan CEO Jamie Dimon warned that a ceasefire does not resolve structural inflation risks from high oil prices.
SOL Stung by Hack, XRP Edges Higher
SOL fell 0.40% to $79.65, pressured by the recent $285 million Drift Protocol exploit, casting a long shadow on Solana's ecosystem. XRP rose 0.78% to $1.32, showing relative stability. DOGE held near $0.092 without clear direction.
Fear Index Slumps to 13, Oil Stays Elevated
Alternative.me's Fear & Greed Index reads 13 (Extreme Fear), contrasting sharply with yesterday's brief euphoria. Crude oil remains high: WTI at $113/barrel, Brent at $110/barrel, boosting inflation expectations and capping risk-asset rebounds. The S&P 500 closed Friday at 6,582.69, down 4% year-to-date.
The biggest unknown today is whether Trump's ultimatum will see a diplomatic breakthrough or escalation. If Iran stays defiant, a spike in crude could spark another volatility wave; any fresh progress could help Bitcoin reclaim $70K. With extreme fear as backdrop, the next big move could come from any headline.