Bitcoin (BTC) resurfaces above $71,000 at press time on Wednesday, on easing tensions in the Middle East with the US-Iran ceasefire. The broader crypto market witnesses a renewed risk-on sentiment, wiping out over $400 million in short positions. Meanwhile, Zcash (ZEC), LayerZero (ZRO), and Bitcoin SV (BSV) have posted double-digit gains over the last 24 hours.

Crypto market recovers on the US-Iran ceasefire

The broader cryptocurrency market gains strength overnight as the high-stakes 48-hour deadline imposed by US President Donald Trump on Iran evolved into a two-week ceasefire, with the immediate reopening of the Strait of Hormuz under military management. 

Further negotiations to finalize the peace deal will begin on Friday in…