The cryptocurrency market has experienced a significant rally following reports of de-escalation in the Middle East. US President Donald Trump announced an extension of the ceasefire with Iran, noting that the Iranian government is “seriously fractured.” Furthermore, Pakistan has reportedly requested a pause in attacks to allow its officials to formulate a “unified proposal.”
President Trump stated, “I have therefore directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other.”
This positive news spurred a substantial boost across the crypto sector, pushing its total market capitalization beyond $2.7 trillion. Bitcoin (BTC) impressively climbed above $78,000, while major altcoins such as Ethereum (ETH), Monero (XMR), and Bitcoin Cash (BCH) recorded daily gains ranging from 4% to 9%. This recent surge mirrors previous instances where the crypto market reacted favorably to similar geopolitical developments, including an earlier two-week agreement between the USA and Iran to cease hostilities.
However, the rapid market ascent has had adverse effects on traders holding highly leveraged and risky positions. Over the past 24 hours, total liquidations have amounted to approximately $460 million, with short positions making up 70% of this figure. Bitcoin liquidations reached $212 million, and Ethereum-related liquidations hit $123 million. The largest single liquidation event occurred on Bitget, exceeding $7.5 million.
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