Bitcoin Tops $67K as U.S.-Iran MOU Sparks $198M Short Liquidation

Bitcoin rose above $67,000 on June 15 after a U.S.-Iran memorandum of understanding called on Iran to reopen the Strait of Hormuz, a development that coincided with roughly $198 million in short liquidations across cryptocurrency markets.

Exchange data showed bitcoin reached an intraday high of $67,253, up more than $3,000 over 24 hours. The rally pushed bitcoin’s market capitalization to about $1.35 trillion after it had briefly fallen below $1.2 trillion on June 5. Bitcoin remained about 14% lower compared with 30 days earlier.

Trading platforms reported about $198 million in short positions were liquidated on June 15, while liquidations of long positions totaled about $16 million. The rapid price rise forced many traders who had bet against the price to close positions.

The memorandum of understanding directs Iran to reopen the Strait of Hormuz, a shipping lane through which about 20% of global oil passes. The channel had been closed following strikes on Iranian sites and subsequent Iranian actions that restricted shipping and targeted oil and gas facilities in Gulf states.

U.S. forces had imposed a naval blockade on some Iranian ports and carried out airstrikes against military targets near the strait during the period of escalation. After several days of rising tensions, back-channel diplomacy led to the MOU and Iran’s pledge to lift restrictions on the shipping route.

Energy markets reacted: West Texas Intermediate crude briefly fell below $80 per barrel, and Brent crude reached an intraday low just under $82.50. The decline in oil prices came as markets priced out the risk of extended supply disruptions.

Equity markets also moved on the news. Japan’s Nikkei and South Korea’s Kospi each rose more than 5% on the session. U.S. benchmarks climbed as well, with the Nasdaq up nearly 3% and the S&P 500 up about 2%. European markets were largely flat by comparison.

Cryptocurrency markets broadly gained. Ether, XRP and several high-momentum tokens recorded double-digit percentage increases, and the aggregate crypto market capitalization rose to roughly $2.38 trillion.

Bitcoin’s price had been under pressure earlier in June, last trading above $67,000 on June 3 before a sell-off that wiped out more than 10% of its value over five days. The June 15 rebound represented a partial recovery from that decline as markets across oil, equities and digital assets reacted to the agreement.