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$300 Million in Shorts Liquidated as BTC and ETH Rocket to 6-Week Peaks

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Liquidation Data March 16 on CoinGlass


The latest gains came after Trump mulled sending troops to Kharg Island and urged NATO to help with the war against Iran.

Bitcoin’s price is on the move on Monday morning, surging to a six-week peak of just over $74,000. This might be rather unexpected as the weekend was quite eventful on the Middle East war front, as the US hit a key Iranian island, and legacy financial markets opened hours ago in reaction to the news.

Many altcoins have produced even more impressive increases, including ETH, which has finally climbed above $2,200.

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Crypto Market Moves Higher

The total crypto market cap has added over $80 billion to $2.6 trillion on CG as of now. Bitcoin exceeded $74,000 minutes ago, where it faced some resistance, and now sits just below that level. The asset fell toward $70,000 over the weekend after Trump announced “the most powerful bombing raids in Middle East history,” when the US military attacked Kharg Island.

However, it bounced off and eyed $72,000 yesterday, but once the legacy financial markets started to open on Sunday evening and Monday morning, it jumped to the aforementioned six-week peak. ETH is among the top performers in the past 24 hours, surging by 8% to nearly $2,300 for the first time since early February.

Notable gains are evident from ADA (10%), DOT (12%), PEPE (15%), ETC (9%), and others. The total value of wrecked positions has risen to $350 million, according to CoinGlass, with nearly $300 million coming from shorts. Interestingly, ETH shorts are responsible for the largest portion, followed closely by BTC’s.

Liquidation Data March 16 on CoinGlass
Liquidation Data March 16 on CoinGlass

Latest Developments

Although Trump said at first that the US doesn’t want to attack any of Kharg Island’s oil infrastructure, he threatened to do so if Iran interferes in any form with the “free and safe passage of ships through the Strait of Hormuz.” He later urged numerous countries to send warships to defend the passage.

More recently, he mulled the idea of sending troops on the ground to seize the key island, which is responsible for over 90% of Iran’s oil production.

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The other big development in the past few hours came when Trump suggested that the US has continuously helped NATO with the war in Ukraine, so the alliance should return the favor now, at least with the Strait.

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Crypto World

Bitcoin holds steady above $74K as US blocks hormuz amid Iran talks

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BTC/USD 4H Chart

Key takeaways

  • BTC is approaching $75,000 after adding nearly 5% to its value since Monday.
  • The rally comes despite the ongoing crisis in the Middle East.

Bitcoin (BTC) has stabilized above $74,000 as of Tuesday’s press time, following a 5% rally the previous day. This price surge comes as the US enforces a blockade on the Strait of Hormuz during ongoing peace talks with Iran. US Vice President JD Vance hints at a grand deal in the works, demanding an end to Iran’s nuclear ambitions.

Market sentiment recovers with $500M in liquidations

The broader cryptocurrency market is seeing a recovery, with over $500 million in liquidations across the last 24 hours, primarily driven by short squeezes. Aave (AAVE), Algorand (ALGO), and Ethereum (ETH) are leading the charge in the market’s upward momentum.

As negotiations between the US and Iran progress, the US military has started blocking the Strait of Hormuz, halting the movement of transiting ships. Vice President JD Vance emphasized that the situation is now in Iran’s hands, with the primary focus of US talks being Iran’s nuclear material exit and halting uranium enrichment. Former President Donald Trump also commented that “the other side” has approached him for a deal.

The peace talks appear to be fueling a “risk-on” sentiment, especially in the cryptocurrency market. According to CoinGlass data, the last 24 hours saw $531 million in liquidations, with $426 million attributed to short liquidations. This massive short squeeze indicates a major bearish wipeout.

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Bitcoin is approaching key resistance levels

The BTC/USD 4-hour chart remains bearish and efficient despite the recent rally. Bitcoin remains in a neutral-to-bullish trend, holding above its 50-day Exponential Moving Average (EMA) at $71,019. However, it is still capped below the 100-day EMA at $75,309.

Immediate resistance lies near the 100-day EMA and the 23.6% Fibonacci retracement level at $75,623, from a previous downtrend spanning $126,199 to $60,000. A daily close above this range would signal potential upward movement, with the next target being the 200-day EMA at $82,936, followed by the 50% Fibonacci retracement at $93,099.

BTC/USD 4H Chart

Market momentum is favoring the bulls, with the Relative Strength Index (RSI) at around 62 and the Moving Average Convergence Divergence (MACD) in positive territory, both suggesting upward pressure is gaining traction.

On the downside, Bitcoin’s initial support is found at the 50-day EMA around $71,019. A break below this support could weaken the current bullish momentum and push the price lower, potentially testing the Fibonacci support level near $60,000.

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Crypto World

STRC trading surge drives record volume and signals largest bitcoin purchase since launch

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Strategy’s STRC maintains dividend at 11.5% after steady increases

Stretch (STRC), the perpetual preferred security sold by Strategy (MSTR) to fund its bitcoin purchases, posted record trading volume on Monday, funding the biggest single-day buying splurge through the company’s at-the-market (ATM) program.

The world’s largest publicly traded bitcoin holder is estimated to have added 7,800 BTC, according STRC.live, as STRC volume surged to $1.16 billion, more than four times the 30-day average of $278 million.

This comes after Strategy purchased $1 billion worth of bitcoin last week, funded entirely by STRC, which offers an 11.5% annual dividend, paid monthly in cash. The stock maintained its $100 par value throughout the entire trading session.

Historically, the trading day preceding the ex-dividend date, the cutoff date after which new buyers are no longer entitled to the next dividend payment, tends to see the highest trading volume. That’s Wednesday, so it’s possible trading on Tuesday may be even higher than Monday’s record.

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STRC now has a market capitalization of $6.4 billion, exceeding the combined market cap of the company’s other preferred securities, including STRD at $1.1 billion, STRK at $1 billion, and STRF at $1.2 billion, according to the MSTR dashboard.

The common stock rose 2.9% on Monday and was 3.7% higher in pre-market trading.

Read More: The one metric investors are overlooking in Michael Saylor’s Strategy

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Hyperliquid (HYPE) price continues to surge, targeting $50 Mark

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Toncoin (TON) price heavily oversold as Telegram introduces Vaults in TON Wallet

Key takeaways

  • Hyperliquid is up 8% in the last 24 hours, maintaining its position in the top 10.
  • The coin could rally towards the $50 psychological level if the bullish sentiment persists.

Hyperliquid (HYPE) continues its upward momentum, trading above $44 as of Tuesday after an 8% surge on the previous day. With strengthening on-chain data, favorable derivatives metrics, and technical analysis pointing to further gains, the outlook for HYPE remains bullish, with a target of $50 in sight.

Bullish Sentiment Backed by On-Chain and Derivatives Metrics

On-chain data from CryptoQuant suggests a strong buy-side dominance in both Hyperliquid’s spot and futures markets, with cooling conditions indicating a favorable environment for a potential price rise. The market shows mostly neutral conditions across other metrics, reinforcing the possibility of an upside move.

On the derivatives front, CoinGlass data reveals that HYPE’s futures Open Interest (OI) has surged to $1.96 billion on Tuesday, up from $1.5 billion on April 3. This steady rise in OI points to new capital entering the market, which could propel HYPE’s price higher. This is the highest level of futures OI seen since early November.

Moreover, CoinGlass’ long-to-short ratio for HYPE stands at 1.04, signaling a predominantly bullish sentiment in the market, as more traders expect the price to rally.

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Price Forecast: HYPE bulls target $50

The HYPE/USD 4-hour chart is extremely bullish and efficient. HYPE’s price has extended its gains, surpassing the March high of $43.75 and reaching above $44 on Tuesday. If the upward trend continues, HYPE could target the October 30 high of $50.15.

The Relative Strength Index (RSI) on the daily chart is currently at 69, indicating strong bullish momentum as it moves toward overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) indicator recently showed a bullish crossover on April 10, further supporting a positive outlook for HYPE.

Should HYPE experience a pullback, it could find support near the psychological $40 level. However, the prevailing market conditions suggest a strong potential for further upside, with $50 being the next major resistance.

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Lib Dems Urge FCA Probe into Farage Over Stack BTC Bitcoin Promotion

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Lib Dems Urge FCA Probe into Farage Over Stack BTC Bitcoin Promotion

UK Liberal Democrats have urged the Financial Conduct Authority (FCA) to investigate Nigel Farage’s ties to Bitcoin treasury company Stack BTC after it disclosed a 37 Bitcoin purchase and published promotional material featuring the Reform UK leader, who is also a shareholder.

In a letter to the FCA, Liberal Democrat deputy leader Daisy Cooper asked the regulator to investigate whether Farage breached market rules by appearing in a promotional video for Stack BTC while holding a financial stake in the company.

“The FCA must investigate whether Farage’s plans to cash in on Crypto could potentially amount to market abuse and a conflict of interest,” she wrote, adding that “we cannot allow political leaders to treat the financial markets like a personal piggy bank to potentially line their own pockets.”

Stack BTC said Monday that it purchased 37 Bitcoin (BTC) for roughly $2.7 million as part of its treasury strategy. In a video tied to the purchase, Farage said that a Bitcoin treasury company cannot exist without holding Bitcoin.

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The scrutiny adds to questions over the intersection of crypto and UK politics as Farage deepens his involvement with Stack BTC and lawmakers push for tighter rules on digital asset donations to political parties. An FCA spokesperson told Cointelegraph that they will “review the letter and respond directly.”

Cointelegraph reached out to Stack BTC for comment, but had not received a response by publication.

Related: UK sanctions $20B scam market by cutting ‘legitimate’ crypto ties

Farage deepens ties to Stack BTC

Farage, leader of Reform UK, has recently deepened his relationship with Stack BTC. In March, he disclosed a $286,000 equity investment in the company, acquiring a 6.31% stake in the company through his media vehicle Thorn In The Side.

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Stack BTC, chaired by former UK Chancellor Kwasi Kwarteng, holds over 68 BTC purchased at an average cost of $72,400 per coin, according to its website.

Cooper’s letter also references the record 9 million British pounds (about $12 million) donation to Reform UK from early crypto investor Christopher Harborne and Farage’s push for crypto-friendly policies.

“Taken together, these facts beg the question whether Mr Farage is promoting cryptocurrencies through his political platform in order to inflate crypto values for his own financial benefit, as well as that of his party and his inner circle of donors,” she wrote.

Source: Daisey Cooper

Related: UK lawmakers seek moratorium on crypto donations to political parties

UK moves to ban crypto political donations

Last month, the Rycroft Review recommended a moratorium on cryptocurrency donations to political parties, warning they could open the door to foreign financial interference in UK elections. The UK government moved forward with the proposal, with Prime Minister Keir Starmer stating the government will impose a temporary ban on crypto donations until stronger safeguards are in place.

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Several members of parliament, including the chair of the security committee, have been pushing for a full ban this year.

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