Bitcoin nears $75K as short squeeze liquidates $425M in leveraged shorts

Shorts wiped as crypto spiked. A sudden rally in Bitcoin and Ether triggered mass liquidations on hopes of a US–Iran deal.

- $530M liquidated in 24 hours; ~80% from leveraged shorts in BTC and ETH, per CoinGlass data.
- 177,000 traders were liquidated across markets, per CoinGlass.

Bitcoin touched just under $75,000, then slipped to ~$74,655. Ether jumped 7% to $2,378, its highest since early February.

The move tracked rising odds of talks between Washington and Tehran. Media pointed to steps toward an agreement reported by NYT, ongoing regional tension covered by AP, and pressure from a US blockade threat at the Strait of Hormuz reported by Al Jazeera. President Trump said a military blockade had begun and threatened to eliminate approaching Iranian vessels, per CNN.

BTSE COO Jeff Mei said traders see both sides moving toward a deal. Some push back remained. Valerius Labs called the jump a short squeeze into resistance, not a breakout.