Bitcoin Rockets Above $78K After News From the Middle East, Liquidations Approach $500 Million

The market’s resurgence resulted in almost 110,000 traders being liquidated in the past 24 hours alone.

Tensions in the Middle East have cooled after US President Donald Trump revealed that the ceasefire with Iran has been extended. According to the American leader, the government of Iran is “seriously fractured,” while Pakistan has requested a hold on the attacks until such time as their officials can come up with “a unified proposal.”

“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,” he added.

The de-escalation news triggered a substantial uptick for the cryptocurrency sector, whose total market capitalization surged past $2.7 trillion. Bitcoin (BTC) surpassed $78,000, while popular altcoins like Ethereum (ETH), Monero (XMR), Bitcoin Cash (BCH), and many others posted daily gains of 4% to 9%.

This isn’t the first time crypto has reacted positively to such a development. Earlier this month, the whole market entered green territory after the USA and Iran agreed to lay down their weapons for a period of two weeks.

The latest resurgence has negatively affected traders who have opened too risky positions with high leverage. Data shows that total liquidations for the past 24 hours have reached roughly $460 million, with short positions accounting for 70% of the figure.

Wrecked Bitcoin trades have risen to $212 million, while those involving ETH have climbed to $123 million. The largest single liquidation happened on Bitget and was worth more than $7.5 million.