Key Takeaways:
Bitcoin hit $81,714 on May 5 as the Trump administration worked to de-escalate Middle East tensions. The rally triggered $202 million in short liquidations, pushing the crypto market cap to $2.77 trillion. While the Strait of Hormuz remains a concern, President Trump’s ceasefire is expected to stabilize oil. Geopolitical InfluenceAlthough the precarious status of the Strait of Hormuz remains a source of long-term anxiety, the immediate market consensus was one of profound relief that a cycle of retaliatory violence had been sidestepped.
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