Bitcoin Briefly Taps $74,223 on May 29 After Trump Cites Hormuz Shipping Deal

On Friday, May 29, bitcoin fell to a multiweek low of $72,395 before rebounding above $74,000 and briefly reaching $74,223. The move followed reports of a tentative U.S.-Iran understanding to reopen the Strait of Hormuz, with bitcoin later trading slightly below $74,000. Over a four-hour span, liquidations totaled $111.7 million, including $69.3 million in shorts and $29.5 million in longs.