Bitcoin price reached $69,000 ahead of Trump’s speech on the situation in Iran

More than $80 million worth of shorts have been destroyed in the last hour alone.

Bitcoin price is on the move again, this time in favor of the bulls. The asset exploded by several grand in less than an hour, from just over $65,000 to an early multi-day peak of $69,000.

Altcoins are also on the rise, with ETH breaking above the coveted $2,000 level, while SOL is nearing $90. XRP and BNB gained more than 4% in an hour.

It is difficult to keep track of all the geopolitical developments that have taken place in the past 48 hours. We remind you that the United States and Israel joined forces to attack Iran on Saturday morning, during which the supreme leader of this country was killed. The Middle Eastern country retaliated against several countries in the region, including Qatar, the United Arab Emirates, Saudi Arabia, and others.

Since then, tensions have escalated, with Trump issuing multiple warnings against Iran while speculating that the war could last up to four weeks.

Perhaps the most likely reason for the immediate price spike in the cryptocurrency markets is the upcoming POTUS speech on the situation, which will take place in a few hours.

🚨 TRUMP SPEAKS AT 11 O’CLOCK ABOUT IRAN’S DISMISSAL

Donald Trump will address the Iran war live at 11:00 a.m. ET, marking his first live briefing since Saturday’s strikes. The event also includes the presentation of an honorary medal.

— *Walter Bloomberg (@DeItaone) March 2, 2026

In addition, Trump said that while the US has used considerable force in its attacks against Iran so far, the “big wave” is yet to come.

You may also like:

Crypto liquidations are on the rise again after the latest set of volatility, with the numbers destroyed exceeding $400 million in 24 hours. While longs are still overhauling shorts on a daily basis, the latter reigned supreme in the last hour with $80 million compared to less than $5 million for longs.