Cryptocurrency Market Surges on Trump's Peace Deal Comments

The cryptocurrency market experienced a rally on Tuesday morning after President Donald Trump's statement that Iran is seeking to make a peace deal. Bitcoin's price rose over 5% in the last 24 hours, reaching nearly $74,900 for a four-week high.

Ethereum outperformed Bitcoin, climbing more than 9% to nearly $2,400, its highest level in over two months. The overall market gained 4.9%, crossing $2.6 trillion in value.

CoinGlass data showed over $541 million in liquidations, with $442 million from short bets being forced to unwind. This marks a significant short squeeze, indicating that many investors are holding onto Ethereum and Bitcoin due to the recent price increases.