Crypto Shorts Bet on High Rates — the Iran Deal Cost Them $246 Million

Bitcoin climbed to $65,480 on June 14 after the United States and Iran signed the “Islamabad declaration,” ending more than 100 days of military conflict. The price move seems to be less based on peace as traders wiped out around $246 million in crypto shorts, meaning they were positioned for something more specific.

When Trump signed the declaration, it included the immediate lifting of the US…