Bitcoin touched a three-week high above $72,700 while $470 million in short positions were liquidated as geopolitical tensions eased.
Crypto markets rallied sharply on Wednesday as a surprise two-week ceasefire between the U.S. and Iran sent Bitcoin to its highest level since mid-March.
Bitcoin is changing hands at $71,638, up 4.3% over the past 24 hours, according to CoinGecko. Ethereum climbed 6% to $2,220, while the total crypto market capitalization rose nearly 4% to $2.51 trillion.
Ceasefire Sparks Short Squeeze
The rally kicked off on Tuesday evening after President Trump announced a conditional two-week ceasefire with Iran, agreeing to suspend military operations for two weeks pending further negotiations. Pakistan’s Prime…
