$300 Million in Shorts Produced as BTC and ETH Rocket to 6-Week Peaks

The latest gains came after Trump discussed sending troops to Kharg Island and urged NATO to help with the war against Iran.

Bitcoin price continues to rise on Monday morning, rising to a six-week high of just over $74,000. This may be unexpected as the weekend was full of events in the war in the Middle East, as the US struck an important Iranian island, and the stock markets opened a few hours ago in response to the news.

Many altcoins produced even more impressive increases, including ETH, which eventually rose above $2,200.

The Crypto market is moving upwards

The total crypto market has added more than $80 billion to $2.6 trillion in CG as of now. Bitcoin crossed $74,000 minutes ago, where it faced resistance, and is now sitting below that level. The stock fell to $70,000 over the weekend after Trump announced the “heaviest bombing in the history of the Middle East,” when US forces attacked Kharg Island.

However, it jumped to $72,000 yesterday, but when equity markets opened on Sunday evening and Monday morning, it jumped to the aforementioned six-week high. ETH is among the top performers in the past 24 hours, rising 8% to around $2,300 for the first time since early February.

Visible gains are seen in ADA (10%), DOT (12%), PEPE (15%), ETC (9%), and others. The total amount of broken positions rose to $350 million, according to CoinGlass, with about $300 million from shorts. Interestingly, ETH shorts are responsible for the largest share, followed closely by BTC.

Recent Developments

Although Trump initially said that the US does not want to attack any oil infrastructure on Kharg Island, he has threatened to do so if Iran interferes in any way with the “free and safe passage of ships through the Strait of Hormuz.” He later urged many countries to send warships to protect the area.

Recently, he floated the idea of ​​sending troops to the ground to seize a key island, which is responsible for more than 90% of Iran’s oil production.

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BREAKING: President Trump is considering putting boots on the ground to seize Iran’s Kharg Island, according to Axios.

Details include:

1. The move appears to depend on the tanks remaining confined to the Persian Gulf

2. Trump is working to bring together a coalition of countries to…

— The Kobeissi Letter (@KobeissiLetter) March 16, 2026

Another major development a few hours ago came when Trump suggested that the US continue to help NATO with the war in Ukraine, so the alliance should return the favor now, at least through the Strait.