Bitcoin climbed above $78,000 after signs of easing tensions in the Middle East, following confirmation that the ceasefire with Iran would be extended. The news boosted overall market sentiment, driving the total crypto market capitalization beyond $2.7 trillion. Major altcoins also moved higher, with assets like Ethereum, Monero, and Bitcoin Cash recording gains of up to 9% in a single day.
The sharp price movement triggered a wave of liquidations, with nearly 110,000 traders affected over 24 hours. Total liquidations approached $500 million, with short positions making up the majority of losses. Bitcoin-related liquidations exceeded $200 million, while Ethereum positions accounted for over $120 million, reflecting how heavily leveraged bets were caught off guard by the rapid market reversal.
