TL;DR:
- The crypto market recorded a strong surge following the U.S.-Iran ceasefire extension announced by Donald Trump.
- Bitcoin reached $78,500, its highest level since February, with $286 million in short position liquidations recorded in derivatives markets.
- Nasdaq 100 and S&P 500 futures rose 0.77% and 0.6% respectively, reflecting an improvement in global risk sentiment.
The crypto market recorded one of its most active sessions in months, driven by the U.S.-Iran ceasefire extension announced by President Donald Trump. The news was enough for Bitcoin to climb to $78,500, its highest price since early February, according to TradingView data.
The price of BTC is trading around $78,150, posting a daily gain of 2.34% and a weekly gain of 11.2%. Its capitalization surpassed $1.56 trillion, while its dominance over the rest of the crypto assets remains stable at around 57.8%.
The Market Caught Bears Off Guard
The shift toward a bullish trend caught traders with short positions off guard. According to CoinGlass data, Bitcoin’s jump to $78,000 triggered $286 million in short position liquidations on derivatives exchanges, compared to $132 million in long positions affected. Open interest in crypto futures grew more than 4% in 24 hours, reaching $126 billion, with significant increases across major market assets, pointing to capital inflows and greater appetite for leverage.
Funding rates turned positive for most tokens, a signal that market bias is once again tilting toward bullish positions.
The Bullish Contagion Reaches Altcoins
Altcoins benefited just as much as Bitcoin. According to the latest CoinMarketCap data, Ethereum rose 3.4% and surpassed $3,400. XRP reached $1.45, gaining 1%. BNB climbed just over 1.45% and is trading around $643 per token. Solana jumped 3.5% and moved above $88. TRON stands at $0.33 with a 1.1% gain and Dogecoin is at $0.09755 with a 2.5% gain. Finally, HYPE broke past $41 but posted a modest gain of just 0.8%.
