Bitcoin Surges Amid Trump's Postponement of Iran Strikes

Bitcoin's price reached a new high of over $71,000 on Monday morning, coinciding with US President Donald Trump's announcement to postpone strikes against Iranian energy facilities for five days.

The move followed 'productive conversations' between Trump and other parties regarding a cessation of hostilities in the Middle East, according to a statement from Trump. This pause in military action has sparked market reactions, with gold prices bouncing back from lows and Bitcoin experiencing significant fluctuations.

In terms of leveraged positions, around $791 million have been wiped out across the crypto market, with over $425 million of those being longs. The price of oil also saw a decline, with Brent crude dropping to $98 before recovering to its current price of $105.91 per barrel.