Global Cryptocurrency Market Surges Amid Iran Peace Plan Speculation

Cryptocurrencies continued their upward trend on Wednesday as speculation about an Iran peace plan gained momentum. This development led to a decline in oil prices, causing the global cryptocurrency market capitalization to increase by more than half a percent overnight.

The US dollar's decline also contributed to the growth of cryptocurrencies, with the six-currency Dollar Index dropping 0.11% to 99.32. Bitcoin touched a 24-hour high of $71,472, while Ethereum reached $2,190.

According to data from Coinglass, short positions surpassed long positions in the 24-hour liquidation statistics, indicating upward momentum. Crypto liquidations stood at $231 million, comprising long positions of $110 million and short positions of $121 million.