A sharp market resurgence triggered $460 million in cryptocurrency liquidations over 24 hours, affecting nearly 110,000 traders. The rally followed de-escalation news in the Middle East, with U.S. President Donald Trump stating a ceasefire with Iran had been extended. Bitcoin surpassed $78,000 and the total crypto market cap surged past $2.7 trillion. Data shows short positions accounted for 70% of the liquidations, with the largest single event being a $7.5 million trade on Bitget.
The cryptocurrency market saw a significant surge following news of eased tensions between the United States and Iran. U.S. President Donald Trump announced the extension of a ceasefire, stating “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 on his social media platform.
This development pushed the total cryptocurrency market capitalization past $2.7 trillion. Bitcoin rose above $78,000 while major altcoins like Ethereum, Monero, and Bitcoin Cash posted gains between 4% and 9%.
The rapid upward move led to substantial liquidations of over-leveraged positions across exchanges. According to data, total liquidations for the past 24 hours reached roughly $460 million, with short positions making up 70% of that figure. Nearly 110,000 traders were affected by these forced position closures.
Liquidations specifically for Bitcoin trades amounted to $212 million, while those for Ethereum reached $123 million. The largest single liquidation event occurred on the exchange Bitget and was valued at more than $7.5 million. This pattern mirrors a similar market reaction earlier this month when a prior two-week truce also sparked a broad rally.
