Bitcoin Surges to New High Amid Industry Turmoil

Bitcoin's price has been on a rollercoaster ride in recent weeks, and this week was no exception. The cryptocurrency surged to a 40-day high of $74,300 amid escalating US-Iran tensions, which triggered a classic short squeeze and led to significant liquidations.

The rally unfolded against the backdrop of President Trump's push for a multinational 'Hormuz Coalition' and potential military action near Iran's Kharg Island oil terminal. Rather than retreating into traditional safe havens, markets piled into crypto, adding over $320 billion in total market value since late February.

Meanwhile, the industry faced a wave of corporate restructuring with Gemini cutting 30% of its workforce and BlockFills filing for Chapter 11. The CFTC approved crypto as collateral for derivatives, which could have significant implications for traditional financial infrastructure.