Bitcoin price got a quick lift from the U.S.-Iran ceasefire, but the move still looks shaky as the situation isn’t fully stable yet.
Bitcoin price starts Thursday, April 9, near the $71,000 area after a sharp Wednesday jump sent Bitcoin to a three-week high following the U.S.-Iran ceasefire.
The largest cryptocurrency rose as much as 5% to $72,841, its highest level since March 18, before giving back some gains, according to data from CoinGecko.
The Bitcoin ETF picture is helping, but it is still messy. Spot Bitcoin ETF flows showed a $471 million inflow on April 6, then $159 million in outflows on April 7 and another $124 million outflow on Wednesday, April 8, according to data from SoSoValue.
The sudden move in Bitcoin price also hit traders hard, with more than $82 million in short positions liquidated worldwide, followed by Ethereum’s $56 million in long liquidations, CoinGlass data shows.
The biggest single wipeout came on Hyperliquid in the BTC▼$65,695.00/USD pair, where one liquidation order was worth $20.3 million.
Read also: The New York Times Names Adam Back as Most Likely Bitcoin Creator
News From Iran That Moved Bitcoin Price
Traders are still watching the Strait of Hormuz, which keeps the Bitcoin price chart jumpy. Reuters reported on Wednesday that the waterway was still not fully open, while Iranian state TV said the first vessel crossed only with Tehran’s permission and shipping sources said the navy was still warning ships not to try it.
The Financial Times also reported that Iran is weighing tanker transit fees in cryptocurrencies, including Bitcoin, for ships passing through the strait, with one estimate putting the charge at about $1 per barrel.
Read more: Morgan Stanley Launches Its Own Spot Bitcoin ETF on NYSE Arca
