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Bitcoin Whipsaws Around $70K as Trump Says There’s ‘Nothing Left’ to Hit in Iran

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BTCUSD Mar 11. Source: TradingView


The other reason behind BTC’s latest volatile session could be linked to the recently released CPI numbers for February.

US President Donald Trump continues to comment on the quickly escalating tension in the Middle East, suggesting once again that the war could be over soon.

Bitcoin’s price experienced immediate volatility after his remarks became viral on social media.

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This is Trump’s second similar claim in the past few days, after he noted on Monday that the war “is very complete, pretty much.” However, his statements are not supported by some country officials as well as its partner in this case, Israel.

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Walter Bloomberg’s report indicated that the two countries plan “at least two more weeks of strikes.” Additionally, the situation lastly escalated after the US started reporting that Iran had put mines in the Strait of Hormuz.

The US military has destroyed at least 16 mine-laying boats in the region, but officials have asserted that “it’s unclear how many mines Iran has deployed.”

Bitcoin traded at $69,200 before Trump’s statement went live, but skyrocketed by almost two grand instantly. Although it was stopped at $71,100, it still trades above $70,000 as of press time.

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There’s another possible reason behind BTC’s volatility. As reported a few hours ago, the US CPI data for February was released, and it matched expectations. However, bitcoin remained relatively calm in the first 90 minutes after the news went live, so Trump’s remarks on the war seem to have a more profound impact.

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BTCUSD Mar 11. Source: TradingView
BTCUSD Mar 11. Source: TradingView

 

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Crypto World

Crypto Derivatives Hit $18.6T In Q1 2026: CoinGlass

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Crypto Derivatives Hit $18.6T In Q1 2026: CoinGlass

Binance maintained its leading position in crypto derivatives trading in the first quarter of 2026, while decentralized exchange Hyperliquid broke into the top 10 venues by volume, according to CoinGlass.

Derivatives trading remained the dominant force in the crypto market in Q1 2026, totaling $18.6 trillion compared with $1.94 trillion in spot trading, according to a CoinGlass report on Friday.

The analysts said trading activity remained strong over the quarter, though liquidity and capital became even more concentrated at the top. “Q1 was not about euphoria. It was about recovery, concentration, and shifting market structure,” CoinGlass said.

The data shows how a small group of exchanges continue to dominate crypto derivatives, even as decentralized platforms begin to emerge as competitors.

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Binance handles $4.9 trillion in derivatives versus $640 billion in spot

Binance processed about $4.9 trillion in derivatives volume in Q1 2026, or roughly 35% of activity among the top 10 exchanges. In 2025, the exchange held about 29% of $85.7 trillion in total derivatives volume.

The exchange also dominated spot markets at a similar share, with Q1 volumes amounting to roughly $640 billion, or around 34% of total volumes among the top 10.

Source: CoinGlass

Binance’s dominance points to its resilience despite controversy during the quarter, after several crypto community members, including OKX founder and CEO Star Xu, alleged that it played a major role in the mass liquidation event of Oct. 10, 2025.

Related: Binance sues Wall Street Journal amid report of DOJ Iran probe

Binance repeatedly denied the claims, saying the crash was driven primarily by macroeconomic factors, market maker risk controls and network congestion.

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Hyperliquid enters top 10 as perpetual DEXs gain ground

Hyperliquid, a perpetual decentralized exchange, reached a key milestone in the first quarter of 2026, breaking into the top 10 derivatives exchanges by volume roughly three years after its launch.

The platform recorded about $492.7 billion in trading volume during the quarter, securing its place among the industry’s largest derivatives venues, including Binance, OKX, Bybit, Gate, BitGet, BingX, LBank, WhiteBIT and Coinbase.

Related: Wallet in Telegram launches perpetual futures trading with Lighter

The milestone comes after steady growth across previous quarters. In its 2025 report, CoinGlass said Hyperliquid nearly dominated the entire perp DEX sector, with its market share reaching up to 70% at times.

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Perp DEX activity also expanded rapidly in 2025, with volumes nearly tripling over the year and accounting for up to 90% of volumes across major derivatives exchanges.

Magazine: Your guide to surviving this mini-crypto winter