Bitcoin Volatility Spikes as Trump Brags for Hitting Big Targets in Iran

The POTUS also reportedly said he wants to take the oil in Iran and seize Kharg Island.

After an unexpectedly calm weekend in which its price stood between $66,000 and $67,000, bitcoin went on a micro wild ride in the early hours on Monday, dipping to a new monthly low before it jumped toward $68,000.

This volatility ensued after Trump’s latest comments on the US/Israel vs Iran war, which included bragging that it was a “big day in Iran.”

US to Seize Kharg Island?

In addition, an FT report, cited by The Kobeissi Letter, indicated that Trump said he wanted to “take the oil in Iran” and mulls an operation to seize the export hub of Kharg Island. Recall that the relatively small island is responsible for up to 90% of the country’s oil infrastructure.

“To be honest with you, my favorite thing is to take the oil in Iran but some stupid people back in the US say: ‘why are you doing that?’ But they’re stupid people,” Trump said.

The WSJ, on the other hand, doubled down on other reports from the past several days that the US is indeed considering sending troops to Iran, but with a more precise purpose – to extract nearly 1,000 pounds of uranium.

This is believed to be a “complex and risky” mission as it would require US forces to remain in the Middle Eastern country for “days or longer.”

However, Trump believes this step could accomplish the main goal of preventing Iran from ever making a nuclear weapon. He has also advised his staff to “press Iran to agree to surrender the material as a condition for ending the war.”

Although many different reports from the past week or so gave contrasting information on whether both nations have engaged in direct negotiations, the WSJ said this hasn’t been the case yet.

You may also like:

BTC’s Price Reaction

Bitcoin’s weekend price actions were highly underwhelming, with the asset failing to move from the $66,000-$67,000 range. However, it dipped to a new monthly low of just under $65,000 when the legacy spot and futures markets opened during the night, coping with Trump’s latest comments.

It rebounded instantly with a jump of nearly $3,000 to almost $68,000. Most alts mimicked bitcoin’s price volatility, which led to $300 million in liquidated positions in the span of just hours. Longs are responsible for over $200 million, while the single-largest wrecked position took place on Bybit and was worth just shy of $10 million.