Bitcoin surged above $71,000 on March 23 after President Donald Trump announced a five-day postponement of planned U.S. strikes on Iranian power plants and energy infrastructure. In a Truth Social post, Trump stated he had instructed the Department of War to delay strikes based on "productive conversations" and "constructive" diplomatic engagement with Iran. The price climb to $71,500 triggered liquidations of nearly $270 million in short positions.
The rally came as the White House signaled progress toward diplomatic engagement, with administration officials citing backdoor channels and potential breakthroughs. However, Iranian state media contradicted the U.S. narrative, claiming there was no direct or indirect contact with Trump and alleging he backed down after threats to strike energy facilities across West Asia, creating a credibility standoff between both sides.
Sources: Decrypt | CryptoSlate | Milk Road
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