The price of Bitcoin has recovered from its decline following the US and Israeli airstrikes on Iran and reports of the death of Iran’s supreme leader.
The price of Bitcoin (BTC) reached $68,200 in early morning trading on Coinbase on Sunday, according to TradingView.
The asset has now recovered all its losses from its decline to $63,000 on Saturday, adding $5,000 in less than 24 hours after news of the start of US and Israeli airstrikes on Iran.
BTC is currently trading at Friday’s levels, around $67,350 at the time of writing, but remains in a three-week covering channel.
According to CoinGlass, over the past 24 hours, around 157,000 traders have liquidated, with a total liquidation of $657 million, split almost evenly between short and long squeezes.
The supreme leader of Iran was killed
Iran’s Supreme National Security Council said Ayatollah Khamenei was killed in his office on Saturday morning, BBC reports.
US President Donald Trump described the hard-line Islamic cleric as “one of the worst people in history” on his social platform called “Truth Social”.
He said: “This justice is not only for the people of Iran, but for all great Americans and those people from different countries of the world who were killed or injured by Khamenei and his bloodthirsty thugs.”
The Commander-in-Chief of the Islamic Revolutionary Guard Corps, Mohammad Pakpour, and the Secretary of the Iranian Defense Council, Ali Shamkhani, were also killed in the American and Israeli attacks.
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“After news of Iran’s Supreme Leader Khamenei’s death, the market rallied as people see it as the end of the US-Iran war,” analyst Ash Crypto commented on Sunday.
“If this conflict shows signs of resolution before Monday’s open, I think Bitcoin could hold its gains and move higher,” he said.
Bitcoin third worst February
Despite recent gains, Bitcoin just closed out its third-worst February on record, and only the fourth time since 2013 that the asset has finished the month in the red.
According to CoinGlass, BTC shed a little less than 15% last month, but its worst February was in 2014, when it lost 31%, and then in 2025, when it fell 17.4%.
The asset is also on course for its worst first quarter since 2018, having lost nearly 23% since the start of the year.
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