Bitcoin Jumps Near $66K as Stocks Rally on Easing Iran Tensions
Bitcoin's price pushed closer to $66,000 at the start of this week's trading session as stocks and risk assets rose in response to easing US-Iran tensions.
The uptick came despite ongoing concerns about higher US bond yields, which could weigh on lower-yielding assets like crypto. According to QCP Capital, digital assets had generally outperformed equities during July, with BTC up around 11.6% and ETH 24.6% month-to-date.
TradingView data showed BTC/USD spiking toward the $66,000 area as risk assets gained traction, while WTI crude oil dipped before a modest rebound. This reflected a less volatile energy backdrop than earlier in the month.
Crypto short liquidations increased to nearly $250 million over 24 hours as price rose, CoinGlass data showed, indicating that some traders were forced out of short positions as Bitcoin rallied.