Crypto markets rally as war fears mount
Bitcoin soared to a six-week high of $74,400 on Monday, briefly breaking through resistance levels not seen since early February. The world’s largest cryptocurrency gained 2.9% over the past 24 hours and nearly 10% on the week, with ether and solana also posting double-digit weekly gains. As the conflict in the Middle East entered its third week, traders appeared to seek shelter in digital assets: Bitcoin has risen 11% since February 28, when hostilities began, while gold—a traditional safe haven—dropped roughly 7% in the same period.
Crude oil prices surged to $99.25 per barrel, up almost 28% from March 9 lows but still below last week’s spike above $119. The interplay between rising geopolitical risks and volatile commodities has drawn attention to Bitcoin’s role as an alternative asset during uncertainty. Tim Sun, a senior researcher at HashKey Group, noted that macroeconomic fallout from the crisis—not just war headlines—has driven much of the recent crypto buying.
CoinGlass reported that 91,978 traders were liquidated in the past 24 hours as volatility spiked.
On paper, gold is the classic hedge—but this month, Bitcoin is outperforming it by a wide margin.
Bitmine doubles down on ether bets
While Bitcoin grabbed headlines with its price surge, Bitmine Immersion Technologies made waves in the ether market. The company bought 60,999 ETH last week—its largest purchase of 2024—adding nearly $140 million in tokens at current prices to its balance sheet. This follows another massive buy of 60,976 ETH just one week earlier. Bitmine’s total ether holdings now stand at over 4.59 million tokens, valued at more than $10 billion.
Bitmine also increased its stake in Eightco (ORBS), a treasury firm focused on Worldcoin projects, signaling broader confidence in decentralized finance even as global tensions rise. The miner continues to hold $1.2 billion in cash reserves—a substantial war chest for navigating turbulent markets.
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Short sellers burned in $300M squeeze
The sharp upward move in crypto prices triggered widespread liquidations among traders betting against the rally. Over the last 24 hours alone, CoinGlass data shows that $344 million worth of positions were wiped out across nearly 92,000 traders—with short sellers accounting for $284.9 million of those losses. The single largest liquidation involved a $6.94 million Bitcoin position on Bitfinex.
According to cointelegraph.com, Bitcoin liquidated $300 million in shorts over the last day as it touched six-week highs above $74,000. Ether wasn’t far behind: it surged more than 7% daily and over 14% weekly to reach around $2,261.
Solana, Dogecoin join surge momentum
Other major cryptocurrencies rallied alongside Bitcoin and ether. Solana jumped by more than 5% on Monday and over 12% for the week, climbing to $93 per token. Dogecoin crossed the psychological threshold of $0.10 for the first time since early March—up nearly 11% on the week—as speculative interest returned to meme coins amid broader market optimism.
XRP also participated in the upswing, trading just above $1.48 after gaining almost 5% in a single day. Altogether, these moves pushed global crypto market capitalization up by 4% on Monday alone to reach $2.49 trillion.
Not every token moved equally fast—but few were left untouched by this rally.
Traders eye next Bitcoin resistance
As Bitcoin reversed slightly after touching its peak near $74,400, attention shifted to technical indicators for clues about what comes next. The BTC/USD pair’s 50-day simple moving average now sits at $71,120—a level watched closely by traders assessing whether recent gains can hold if volatility persists.
Meanwhile, two tankers carrying liquefied petroleum gas successfully navigated the Strait of Hormuz on Sunday—the first commercial passage since fighting erupted—suggesting some normalization in trade flows despite ongoing risks. Yet with over $300 million in short positions liquidated and crypto markets still reacting swiftly to headlines out of Iran and neighboring states, it remains uncertain whether Bitcoin’s latest breakout will prove durable or succumb to renewed selling pressure.
Crucial Points
- •Bitcoin reached a six-week high of $74,400 on Monday, up 11% since the Middle East conflict began on February 28.
- •Ether surged 7.7% in 24 hours to $2,261, while Solana rose 12% on the week to $93.
- •Bitmine Immersion Technologies bought 60,999 ETH last week, increasing its holdings to over 4.59 million tokens valued above $10 billion.
What the data may reveal next
If Bitcoin can sustain a close above the $74,000 resistance zone—last reached on Monday for the first time since February 4—immediate liquidations of short positions could accelerate, as seen with $300 million in shorts cleared over the past 24 hours; however, whether this threshold will hold remains unclear given recent reversals below it.
