Global Markets React to US-Iran De-escalation: Bitcoin Surges Past $78K

The global cryptocurrency market has experienced a significant shift in recent hours, driven by the de-escalation of tensions between the US and Iran. According to reports, President Trump announced that Iran had agreed to reopen the Strait of Hormuz and suspend its nuclear program indefinitely.

As a result, Bitcoin's price surged to a 10-week peak of over $78,000, with many altcoins experiencing similar gains. The total cryptocurrency market capitalization has surpassed $2.7 trillion, with more than $810 million worth of leveraged positions being wiped out in the past day.

The sudden shift in market sentiment has led to a high level of volatility, with some investors taking advantage of the situation by closing long positions and locking in profits. The data from CoinGlass shows that longs were responsible for the lion's share of liquidations, with single-largest liquidation taking place on Hyperliquid and worth almost $16 million.