On Monday, the price of Bitcoin jumped to $80,529 – its highest point in four months. This increase happened shortly after U.S. President Donald Trump announced “Project Freedom,” an initiative designed to assist cargo ships impacted by the closure of the Strait of Hormuz.
Summary
- Bitcoin climbs to $80,529, breaking $80K resistance after Donald Trump unveils “Project Freedom” amid Strait of Hormuz tensions.
- Rally triggers short squeeze, with over $160M in BTC shorts liquidated and more than $300M wiped across the broader crypto market, per CoinGlass data.
- U.S. spot Bitcoin ETFs log fifth straight week of inflows, while easing risk sentiment lifts equities and pressures safe-haven assets.
As a crypto investor, I’m really excited to see Bitcoin finally break through the $80,000 mark! It’s been a tough level of resistance for a while now. And looking at the last month, it’s up over 20% – a fantastic run so far, according to crypto.news data.
Bitcoin’s price increased today following an announcement by Donald Trump. On Sunday, he posted on Truth Social about ‘Project Freedom,’ an effort to help cargo ships caught in the conflict between the U.S. and Iran. The project, which reportedly began today, aims to ensure safe passage for foreign vessels through the affected waterways, allowing them to resume normal operations.
Even though the U.S. presents its actions as humanitarian, Iranian officials have cautioned that any attempt by the U.S. to enter the strait could be seen as a breach of the current truce and might trigger a military reaction.
In addition to the project he mentioned, Trump stated that his team was having encouraging talks with Iran, which could potentially reduce conflict in the Middle East.
In a May 3rd post on Truth Social, Trump stated he knew his representatives were engaged in productive talks with Iran, and that these conversations had the potential to result in a beneficial outcome for everyone involved.
When Bitcoin’s price suddenly increased, it forced many traders who had bet against it to quickly buy back the cryptocurrency to limit their losses. This is known as a short squeeze. CoinGlass data shows this resulted in over $160 million worth of Bitcoin short positions being closed, and more than $300 million in short liquidations across the entire crypto market.
Oil prices remained fairly stable today, with West Texas Intermediate rising to $102 a barrel (up 0.6%) and Brent Crude trading at $108 (up 0.4%). The markets are currently waiting to see what happens with a key upcoming event.
Gold and silver, typically seen as safe investments, experienced a small drop in value. Meanwhile, key technology stocks in Asia, including the Nikkei 225 and Hang Seng, finished the day with gains, signaling renewed optimism among investors.
Bitcoin ETFs in the U.S. continued to see positive investment for the fifth week in a row, with $153 million flowing in last week. This kind of investment from institutions often makes regular investors more confident in Bitcoin, which can then lead to price increases.
The next big economic report to watch for Bitcoin and other markets is the initial jobless claims data coming out on May 7th. This report will show how strong the job market is, and it could affect what the Federal Reserve decides to do with interest rates.
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2026-05-04 10:13