Traders betting against Bitcoin and crypto are witnessing a cascade of liquidations as Iran announces the Strait of Hormuz is fully open to commercial shipping.
In the last 24 hours, a whopping $815.42 million in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
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The vast majority of the liquidations hit traders going short, coming in at $661.93 million.
Markets at large are rising in a sweeping relief rally as President Trump signals strong progress toward a landmark deal with Iran, dialing back fears of energy supply shocks and igniting fresh risk-on appetite.
BTC has surged from a 24 hour low of $74,695 to as high as $78,232, and has landed at $77,537 at time of publishing.
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