Bitcoin breaks $80K after Trump's 'Project Freedom' eases geopolitical tensions globally

Bitcoin surged nearly 3% to $80,529 on Monday, a four-month high after U.S. President Donald Trump announced 'Project Freedom,' an initiative to escort stranded cargo ships through the Strait of Hormuz amid U.S.-Iran tensions.

The rally triggered a short squeeze, wiping out over $160 million in Bitcoin short positions and more than $300 million across the broader crypto market, according to CoinGlass data.

U.S. spot Bitcoin ETFs (exchange-traded funds that allow investors to buy Bitcoin exposure through traditional stock markets) recorded their fifth consecutive week of net inflows, adding $153 million last week, a sign of growing institutional confidence in the asset.

For Nigerian peer-to-peer crypto traders and naira-denominated Bitcoin holders, Bitcoin breaking $80K resistance after weeks of consolidation is a meaningful signal. The asset is responding to macro geopolitical risk, not just speculation, which suggests the current rally has more structural support than a typical pump.

If U.S.-Iran tensions ease further and the May 7 U.S. jobs report comes in soft, increasing the likelihood of Federal Reserve rate cuts, Bitcoin may sustain momentum toward the $85,000–$90,000 range within the next four to six weeks, lifting P2P volumes on platforms like Binance P2P and Noones where Nigerians are active. Nigerian crypto founders and retail traders should watch whether SEC Nigeria uses a sustained Bitcoin rally to accelerate or delay its 2024 digital assets framework implementation. Historically, bull markets have prompted Nigerian regulators to move faster on oversight, not slower.