Bitcoin rose to US$78,000 on April 17 before slipping to US$76,091 by April 18 in Asia, as crypto markets reacted to conflicting reports on whether Iran had reopened the Strait of Hormuz.

Data firm CoinGlass said the move triggered US$762 million in liquidations across 168,336 traders, including US$593 million from short positions, with bitcoin shorts at US$381 million and ether shorts at US$167 million.