- Bitcoin climbed past $76K as oil fell below $94, boosting risk appetite amid easing Iran-US tensions.
- Over $668M in liquidations hit markets, with short traders taking the biggest losses.
- Future price trends hinge on Iran-US talks, with oil swings likely to drive crypto market sentiment.
US oil prices fell sharply below $94 on Tuesday, while Bitcoin moved above $76,000. The shift came as concerns eased over possible energy disruptions. That easing followed renewed talks between the United States and Iran over the ongoing conflict.
Bitcoin also recorded a sharp increase in activity. Trading volume rose 88% to $61 billion over 24 hours, as per CoinMarketCap data.
The crypto move aligned closely with falling oil prices. Brent crude dropped 3.48%, while West Texas Intermediate fell 5.62%. Both now sit below $100 per barrel. Lower energy prices helped improve risk appetite across markets.
Bitcoin has gained about 10% since tensions in Iran began. It has also outperformed broader equity markets during the same period. The asset still faced setbacks earlier in the quarter, including a dip to $65,000 in late March.
Bitcoin Leads Market Movements
Bitcoin’s dominance in the recent liquidations is undeniable. As per CoinGlass data, a total of $668 million worth of liquidations happened within the last 24 hours, of which about $281 million were attributed to Bitcoin.
As per the data, short traders faced most of the impact, seeing more than $525 million in short positions liquidated.
These liquidations came primarily as a result of the unforeseen uptrend in Bitcoin. This sudden increase in forced selling shows that the market was quite volatile.
While Bitcoin faced $281 million worth of liquidations, other coins, such as Ethereum, had $186.75 million worth of liquidations. Even small coins like RAVE experienced significant losses.
Will Peace Talks Between Iran and the US Affect the Trend?
The prospects for this bullish movement could be largely dependent on whether or not the next phase of peace talks between Iran and the US turns out successfully.
Should the talks succeed in bringing about another ceasefire, the price of oil could be expected to remain depressed and continue underpinning the Bitcoin bullish run.
Otherwise, if the peace talks end up failing and tensions rise further, pushing oil prices above $110 per barrel again, there would be a risk-off mood to send Bitcoin beneath $70K.
Related: US and Iran Weigh Second Round of Talks as Ceasefire Deadline Looms
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