"Bitcoin reached an intraday peak of $81,714 on May 5, buoyed by the Trump administration's efforts to de-escalate tensions in the Middle East. Despite some volatility, the cryptocurrency established strong support above $81,500, marking a significant 7% weekly gain."
"The rally triggered $202 million in short liquidations, pushing bitcoin's market capitalization to $1.63 trillion and contributing to a total crypto market cap of $2.77 trillion. The geopolitical situation, particularly in the Strait of Hormuz, remains a concern, but the Trump administration's ceasefire is expected to stabilize oil."
Bitcoin surpassed $81,000 for the first time in months, peaking at $81,714 on May 5. The cryptocurrency maintained support above $81,500, achieving a 7% weekly gain. The rally was influenced by the Trump administration's efforts to stabilize tensions in the Middle East, particularly regarding the Strait of Hormuz. This surge triggered $202 million in short liquidations, raising bitcoin's market cap to $1.63 trillion and the total crypto market cap to $2.77 trillion. Institutional investors reacted positively to the administration's diplomatic stance, reducing fears of broader conflict.
Read at news.bitcoin.com
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