Bitcoin, ether, oil shorts lead $427 million wipeout on US-Iran ceasefire

Short sellers betting on continued war escalation lost $427 million in 24 hours as bitcoin vaulted past $72,000 on the ceasefire announcement. What to know : Bitcoin surged to about $72,700 after former President Donald Trump announced a two-week cease-fire with Iran, abruptly reversing days of bearish positioning. The spike triggered roughly $595 million in crypto liquidations, with short positions making up about $427 million, marking the most aggressive short squeeze since early March. Bitcoin now sits at the top of the $65,000 to $73,000 range that has contained trading throughout the war, and whether it breaks out depends on how the two-week cease-fire evolves.