Bitcoin surges past $70,000 amid iran tensions

Despite President Trump's warnings of attacking Iranian infrastructure, Bitcoin has surged past $70,000 for the first time since March 25.

Market experts attribute the rise to 'constant demand in the spot market.'

Bitcoin, the original cryptocurrency, jumped over 3.5% to surpass $72,200 before moderating some gains. At the start of this Monday in London, it hovered slightly below $70,000.

Ethereum, the second-largest digital asset, soared 5.1%.

According to Coinglass, approximately $273 million in bearish cryptocurrency bets were liquidated in the past 24 hours, breaking a weeks-long stalemate between $65,000 and $75,000.

This upswing follows a 45% downturn Bitcoin experienced in October, when it failed to diverge from its trajectory, which has seen it stuck between $65,000 and $75,000 since then, excluding a sharp drop in late February following the outbreak of conflict in the Middle East.

Oil prices also surged to $110 a barrel, but unlike the expected sell-off in cryptocurrencies, Bitcoin and other digital assets have instead rallied.

OKX SG's executive director Gracie Lin says the ordered price evolution indicates a 'incremental allocation-led movement rather than a leveraged one.' However, she warned the demand could weaken if Bitcoin falls below the $65,000 to $66,000 support level.