Bitcoin Price Shoots Above $70,000 After Trump Says US-Iran Held ‘Productive’ Talks

• The volatility in Bitcoin’s price from under $68,000 to over $70,000 led to over $780 million in liquidations over the past day, as per CoinGlass data.
• The surge in Bitcoin’s price and the wider cryptocurrency market came after President Donald Trump said the US and Iran held “productive” talks over the weekend.
• Oil prices eased by over 4% to around $105, while the cryptocurrency market outperformed the S&P 500, gold, and silver in early morning trade.

Bitcoin (BTC) rose back above $70,000 in early morning trade on Monday after President Trump said that the U.S. and Iran have held “productive conversations” over the last two days and plans to delay any strikes on Iranian energy facilities by five days.

“I am pleased to report that the United States of America, and the country of Iran, have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” he wrote in a post on Truth Social.

Bitcoin’s price rose over 3% in the last 24 hours to around $70,400 after hitting a two-week intraday low of around $67,600, according to CoinGecko data. Retail sentiment around the apex cryptocurrency on Stocktwits dipped to ‘bearish’ from ‘neutral’ territory over the past day, while chatter remained at ‘low’ levels. BTC was among the top trending tickers on Stocktwits at the time of writing. 

Ethereum, Solana, Dogecoin Outperform Bitcoin

Ethereum (ETH) and Solana (SOL) led gains among the top 10 cryptocurrencies by market capitalization. Ethereum’s price rose 3.7% in the last 24 hours to more than $2,100, while Solana’s price rose 3.5% to over $90. On Stocktwits, retail sentiment around Solana fell to ‘extremely bearish’ from ‘bearish’ territory over the past day. Sentiment around Ethereum continued to hold in the ‘bearish’ zone.

Dogecoin (DOGE) also outperformed Bitcoin, rising by 3.2% in the last 24 hours to around $0.093. Retail sentiment around the DOGE dipped to ‘bearish’ from ‘neutral’ territory over the past day and chatter fell to ‘normal’ from ‘high’ levels.

Cryptocurrency Market Outperforms S&P 500, Silver, Gold

The uptick in cryptocurrency prices came after the Brent oil prices fell over 4% to around $105 following Trump’s post on Truth Social. The United States Oil Fund (USO) fell over 6% in pre-market trade, with retail sentiment on Stocktwits trending in ‘bearish’ territory over the past day and chatter falling to ‘normal’ from ‘high’ levels.

The overall cryptocurrency market jumped 3.4% to just under $2.5 trillion. CoinGlass data showed the volatility in Bitcoin’s price led to $785 million liquidated from the market over the past day, with $421 million coming from long bets being wiped out and another $363 million from short positions. 

Meanwhile, the SDPR S&P 500 ETF Trust (SPY) rose as much as 1.5% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around SPY’s stock improved to ‘bearish’ from ‘extremely bearish’ territory over the past day, while chatter petered down to ‘normal’ from’ high ‘levels.

Gold and silver prices remained in the red.  SPDR Gold Shares ETF (GLD) was down as much as 2.8% in premarket trade, and the iShares Silver Trust (SLV) moved 1.4% lower.

Retail sentiment around GLD’s stock on Stocktwits remained in ‘bullish’ territory over the past day, with chatter at ‘extremely high’ levels, and sentiment around SLV’s stock stayed in the ‘bearish’ zone, with chatter at ‘high’ levels. 

Read also: Coinbase, Robinhood, Kraken Prediction Market Expansion Under Threat After Senate Reportedly Moves To Restrict Sector

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