Bitcoin briefly crashed below $74,000 on Sunday as Iran threatened retaliation for a US military seizure of an Iranian cargo ship. Bitcoin erased its weekend gains as it fell below $74,000 on Sunday after the US military seized an Iranian cargo ship, putting pressure on a ceasefire between the two countries. Bitcoin (BTC) had soared above $78,300 late Friday on Coinbase, its highest price since early February, but dropped to between $75,000 and $76,000 over the weekend after Iran said it would close vital oil routes in the Strait of Hormuz. The cryptocurrency then sank sharply late on Sunday to briefly trade below $74,000 after the US military said it opened fire on, and later seized, an Iranian cargo ship it claimed tried to run its blockade of Iranian ports, with Tehran accusing the US of violating an agreed ceasefire. Read more
Bitcoin foreshadows fresh market mayhem as it appears that the US-Iran war has returned, including the closure of the Strait of Hormuz oil route. Bitcoin (BTC) sought to protect $75,000 into Sunday’s weekly close as crypto surfed fresh uncertainty over the US-Iran war. Key points: Bitcoin price action sinks from ten-week highs amid fears that the US-Iran war has returned in full force. Read more
Alcoa is nearing a deal to sell its idle upstate New York Massena East smelter to NYDIG as US industrial sites increasingly shift toward Bitcoin mining and AI data centers. US aluminium giant Alcoa is reportedly nearing a deal to offload its long-idle Massena East smelter in upstate New York to Bitcoin mining firm New York Digital Investment Group (NYDIG). The company is in advanced discussions and expects the transaction to close “in the middle part of this year,” CEO Bill Oplinger told Bloomberg on Friday. The site, located along the St. Lawrence River, has been inactive since 2014 after Alcoa shut it down amid rising energy costs and global competition. Built for 24/7 heavy industrial operations, aluminum smelters come with pre-existing substations, transmission lines and high-capacity grid connections. That makes them attractive targets for Bitcoin miners and data center operators, who often spend years securing similar infrastructure approvals from scratch. Read more
The average block time at publication is about 9.8 minutes, falling slightly short of the 10-minute block target, according to CoinWarz. The Bitcoin (BTC) mining difficulty, the relative challenge of adding new blocks to the BTC blockchain, fell on Saturday, amid public mining companies selling record amounts of BTC to cover operating expenses. The Bitcoin mining difficulty fell to about 135.5 T, a modest decrease of about 1.1% over the last 24 hours, according to data from CoinWarz. Mining difficulty is also projected to increase in the next adjustment period. CoinWarz said: Bitcoin miners have faced mounting challenges over the past year, as reduced block rewards, rising energy prices, a crypto bear market and geopolitical shocks create economic headwinds for miners. Read more
Nearly a billion dollars in leveraged crypto positions were liquidated in the past 24 hours as the Bitcoin price rallied above $78,000. Bitcoin (BTC) rallied above $78,000 to hit another 10-week high on Friday as crypto and equity markets reacted to cooling tensions in the US and Israel war in Iran. The rally above range highs also resulted in a large liquidation of leveraged Bitcoin positions. More than $660 million in short positions were liquidated, with Bitcoin accounting for $353 million of that total. Ether (ETH) followed with $160 million in short liquidations. Related: Three things Bitcoin must do to hold highs above $76K: Analysts Read more
Bitcoin price rallied above $77,000 amid cooling geopolitical tensions and record-high back-to-back closes for the S&P 500. Bitcoin (BTC) refreshed February highs on Friday as attention focused on the upcoming weekly close and a longer-term rally to $88,000. Key points: Bitcoin hits its highest levels in ten weeks as markets abandon geopolitical nerves. Read more