Bitcoin Rises Toward $80,000 After Oil Drops On Iran Peace Signals – Triggers $200 Million Short Squeeze

• The crypto rally was accompanied by approximately $281 million in crypto liquidations, with short positions accounting for $216 million.
• Bitcoin alone saw roughly $131 million in liquidations.
• Dogecoin led gains among major cryptocurrencies, supported by news of Shuttle Pharaceutical Holdings acquiring United Dogecoin, with the intention of becoming the world’s largest Dogecoin miner. 

Bitcoin (BTC) rallied on Friday afternoon after oil prices eased following reports that Iran has sent a fresh peace proposal to end the war with the U.S. to Pakistan. 

Bitcoin’s price rose 2.6% in the last 24 hours to around $78,300, after nearly crossing $80,000 in intraday trade. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘neutral’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

The rally in Bitcoin led to $281 million liquidations in the last 24 hours, with the lion’s share of $216 million coming from short bets. Bitcoin saw around $131 million liquidated over the past day, with Ethereum (ETH) seeing nearly $50 million in forced unwinds. 

Ethereum’s price rose 1.9% in the last 24 hours, reclaiming the $2,300 mark. Retail sentiment around the leading altcoin trended in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Why Is Crypto Rising?

Oil prices fell after reports that Iran responded to U.S. amendments to a draft agreement aimed at ending the conflict. U.S. West Texas Intermediate (WTI) crude declined 3.5% to just above $101 per barrel, while Brent crude dropped 2.3% to trade above $108. 

The United States Oil Fund (USO) also fell 3.5% in midday trading, reflecting broader weakness in energy markets. On Stocktwits, retail sentiment around the ETF trended in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Dogecoin Leads Altcoin Gains Amid Corporate Catalyst

Among altcoins, Dogecoin (DOGE) led the top 10 cryptocurrencies by market capitalization. DOGE’s price rose 2.1% in the last 24 hours. Retail sentiment around the meme token trended in ‘bullish’ territory, accompanied by ‘high’ levels of chatter.

In addition to the broader cryptocurrency market trending higher, momentum behind Dogecoin was also driven by Shuttle Pharaceutical Holdings (SHPH) acquiring United Dogecoin, with the intention of becoming the world’s largest Dogecoin miner. While DOGE rallied, SHPH’s stock dumped nearly 16% in midday trade on Friday.

Ripple’s XRP (XRP) rose nearly 2% in the last 24 hours but remained below $1.40. Solana (SOL) rose 1.4% in the last 24 hours and also struggled, trading below $85. 

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