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According to cryptocurrency-focused media outlet The Block, QCP Capital stated, “Despite recent tensions in the Middle East, Bitcoin (BTC) price action has remained relatively stable,” adding that “the global liquidity cycle, rather than geopolitical variables, drives the mid-term trend.” Over the weekend, the outbreak of war with Iran briefly pushed Bitcoin down to the low $60,000 range. However, after approximately $300 million in long positions were liquidated, the price recovered to the $66,000 range. In this regard, QCP Capital assessed that “this round of deleveraging was relatively limited compared to previous chaotic liquidation phases.”
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