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Bitcoin spikes near $79,500 then drops amid Iran-U.S. proposal news, triggering $275M crypto liquidations.

Market News
27 Apr 2026
Crypto news
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Bitcoin's price surged close to $79,500 on Monday following reports that Iran sent a new proposal to the U.S. via Pakistani mediators aimed at reopening the Strait of Hormuz and ending the war. This geopolitical news initially pushed Bitcoin near $80,000, marking a 12-week high, but the price quickly dropped about $2,000 as traders reacted to the fast-changing headlines. The sharp price movement led to approximately $275 million in crypto liquidations, with short sellers suffering over $140 million in losses. The broader crypto market followed Bitcoin's volatile trend as investors await further details from Washington and Tehran, which could influence risk asset sentiment and crypto prices going forward.

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