The crypto market is finally seeing relief after a tough start to the week, thanks to key political and economic changes. With the changing microeconomic trend, the crypto market quickly added $89 billion, hitting $2.61 trillion, with $2.63 trillion as a key resistance level. Whereas Bitcoin is back above $80,000 and needs to break $82,761 to aim for $85,000, backed by strong investor support.
What Happened in Crypto Today?
One of the biggest factors behind this bullish call was Ukraine’s agreement to a temporary 30-day ceasefire after talks with U.S. officials according to Bloomberg. This move helped reduce global uncertainty, calming investors who were previously worried about geopolitical risks.
At the same time, Ontario announced it was lifting a 25% tariff on electricity exports to Michigan, New York, and Minnesota. This decision eased trade tensions, another factor that had been weighing on financial markets. In the U.S., political leaders also stepped in to reassure investors. House Speaker Mike Johnson encouraged patience regarding President Trump’s economic policies, suggesting that they would bring stability in the long run. Moreover, White House Press Secretary Karoline Leavitt added that the recent market turmoil was only temporary and that the economy was in a transition phase.
These combined factors helped boost confidence, leading to a recovery in both traditional and crypto markets.
Crypto Market Sees Relief After Massive Bloodbath
The crypto market had been under intense pressure earlier in the week, with nearly $1 billion in liquidations causing Bitcoin and Ethereum to drop to monthly lows. However, the situation has improved significantly. Over the past 24 hours, total liquidations dropped to $384.4 million. Out of this, $138.2 million came from long positions (bets that prices would go up), while $246.2 million were short positions (bets that prices would go down).
Bitcoin was the biggest mover in this recovery, jumping 3.6% to trade at $82,299. According to Coinglass data, Bitcoin liquidations totaled $186.7 million, with most coming from short positions. This means that many traders who had bet against Bitcoin’s price were forced to exit as the market turned in the opposite direction. Ethereum also saw a similar trend, with $73.6 million in liquidations, nearly evenly split between long and short trades.
Will the Market Stay Strong?
The market’s recovery has been driven by political stability and easing economic tensions, but investors are still cautious. While the drop in liquidations and Bitcoin’s price rebound are positive signs, further market movement will depend on how global economic conditions evolve. Any new geopolitical risks or economic policies could still impact the market’s momentum. For now, crypto traders are watching closely to see if this recovery can hold or if more volatility is on the way.
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