Crypto
Bitcoin Surges Past $65K on U.S.-Iran War Pause and Short Squeeze
Bitcoin's price surged above $65,000 after a two-day pause in U.S.-Iran military strikes. The lull in hostilities led to a 6% drop in oil prices and eased inflation fears.
The temporary reprieve gave risk assets, including Bitcoin, some room to recover ahead of the July 29 FOMC meeting, where traders expect the Federal Reserve to keep interest rates unchanged.
Bitcoin's rise was also fueled by a sharp short squeeze, with $45.88 million worth of BTC short positions liquidated in 24 hours, forcing traders betting on lower prices to close their positions.